EX-10.14





 Exhibit 10.14 

EQUITY INTEREST PLEDGE AGREEMENT 

This Equity Interest Pledge Agreement (this “Agreement”) has been executed by and among the following parties on November 12,
2018 in Beijing, the People’s Republic of China (“PRC” or “China”): 
  

	Party A:	 Wanleduo Network Technology (Beijing) Co., Ltd. (the “Pledgee”), a wholly foreign-owned enterprise,
organized and existing under the laws of the PRC, with its address at Room 201-A131, Unit 1, Building 17, No.3 Gaolizhang Road, Haidian District, Beijing; 



 

	Party B:	 Shan Zebing (the “Pledgor”), a PRC citizen, with his ID card number of ***************; and



  

	Party C:	 Beijing Xingengyuan Science and Technology Co., Ltd.a limited liability company organized and existing under
the laws of the PRC, with its address at Room B202, 2/F, Building B, No. 101 Wangjing Lize Zhongyuan, Chaoyang District, Beijing. 



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 the PRC, and as of the date hereof, holds 13.05% of equity interest in Party C,
representing RMB 300,000 in the registered capital of Party C. Party C is a limited liability company incorporated in Beijing, PRC, engaging in technology development, consultation, service, promotion, transfer; computer system service; basic
software service; economic and trade consultation; conference service; design, production, agency and release of advertisement; organization of cultural and artistic exchange activities (excluding performance); business planning; industrial arts and
crafts design; computer graphic design; product design; leasing of toys; sale of toys and handicrafts. 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 PRC. Pledgee and Party C which is partially owned by
Pledgor have executed an Exclusive Business Cooperation Agreement (as defined below) in Beijing; Pledgee, Pledgors and Party C have executed an Exclusive Option Agreement (as defined below); Pledgor has executed a Power of Attorney (as defined
below) in favor of Pledgee; The spouse of Pledgor has executed a Letter of Spousal Consent (as defined below); 


  

	3.	 To ensure that Party C and Pledgors fully perform their obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement, the Letter of Spouse’s Consent and the Power of Attorney, Pledgor hereby pledges to the Pledgee all of the equity interest that Pledgor holds in Party C as security for Party C’s and
Pledgor’s obligations under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Letter of Spouse’s Consent and the Power of Attorney. 



  
 1 













 To perform the provisions of the Transaction Documents (as defined below), 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 Article 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 13.05% of equity interest in Party C currently held by Pledgor, representing
RMB 300,000 in the registered capital of Party C, and all equity interests in Party C to be held by Pledgor hereafter. 


  

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



 

	 	1.4	 Transaction Documents: shall refer to the Exclusive Business Cooperation Agreement executed by and between
Party C and Pledgee on January 3, 2017 (the “Exclusive Business Cooperation Agreement”), the Exclusive Option Agreement executed by and among Party C, Pledgee and Pledgor on November 12, 2018 (the “Exclusive Option
Agreement”), the Power of Attorney executed on November 12, 2018 by Pledgor (the “Power of Attorney”), the spousal consent letter executed on November 12, 2018 by Pledgor’s spouse (“spousal consent letter”)
and any modification, amendment and restatement to the aforementioned documents. 


  

	 	1.5	 Contract Obligations: shall refer to all the obligations of Pledgor under the Exclusive Option Agreement, the
Power of Attorney, the Spouse’s Consent Letter and this Agreement; all the obligations of Party C under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement, the Spouse’s Consent Letter and this Agreement.



  

	 	1.6	 Secured Indebtedness: shall refer to all the direct, indirect and derivative losses and losses of anticipated
profits, suffered by Pledgee, incurred as a result of any Event of Default. The amount of such loss shall be calculated in accordance with the reasonable business plan and profit forecast of Pledgee, the consulting and service fees payable to
Pledgee under the Exclusive Business Cooperation Agreement, all expenses incurred in connection with enforcement by Pledgee of Pledgors’ and/or Party C’s Contract Obligations. 



 

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




  
 2 














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


  

	2.	 Pledge 


  

	 	2.1	 Pledgors agree to pledge all the Equity Interest as security for performance of the Contract Obligations and
payment of the Secured Indebtedness under this Agreement. Party C hereby assents that Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. 



 

	 	2.2	 During the term of the Pledge, Pledgee is entitled to receive dividends distributed on the Equity Interest.
Pledgor may receive dividends distributed on the Equity Interest only with prior written consent of Pledgee. Dividends received by Pledgor on Equity Interest after deduction of individual income tax paid by Pledgor shall be, as required by Pledgee,
(1) deposited into an account designated and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior and in preference to make any other payment; or (2) unconditionally donated to Pledgee or
any other person designated by Pledgee to the extent permitted under applicable PRC laws. 


  

	 	2.3	 Pledgors may subscribe for capital increase in Party C only with prior written consent of Pledgee. Any equity
interest obtained by Pledgor as a result of Pledgor ‘s subscription of the increased registered capital of the Company shall also be deemed as Equity Interest. 



 

	 	2.4	 In the event that Party C is required by PRC law to be liquidated or dissolved, any interest distributed to
Pledgor upon Party C’s dissolution or liquidation shall, upon the request of the Pledgee, be (1) deposited into an account designated and supervised by Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness
prior and in preference to make any other payment; or (2) unconditionally donated to Pledgee or any other person designated by Pledgee to the extent permitted under applicable PRC laws. 



 

	3.	 Term of Pledge 



 

	 	3.1	 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein is
registered with relevant administration for industry and commerce (the “AIC”). The Pledge shall remain effective until all Contract Obligations have been fully performed and all Secured Indebtedness have been fully paid. The Pledge shall
be continuously valid until all payments due under the Business Cooperation Agreement have been fulfilled by Party C. Pledgor and Party C shall (1) register the Pledge in the shareholders’ register of Party C within 3 business days
following the execution of this Agreement, and (2) submit an application to the AIC for the registration of the Pledge of the Equity Interest contemplated herein within 30 business days following the execution of this Agreement. The parties
covenant that for the purpose of registration of the Pledge, the parties hereto and all other shareholders of Party C shall submit to the AIC this Agreement or an equity interest pledge contract in the form required by the AIC at the location of
Party C which shall truly reflect the information of the Pledge hereunder (the “AIC Pledge Contract”) .For matters not specified in the AIC Pledge Contract, the parties shall be bound by the provisions of this Agreement. Pledgor and Party
C shall submit all necessary documents and complete all necessary procedures, as required by the PRC laws and regulations and the relevant AIC, to ensure that the Pledge of the Equity Interest shall be registered with the AIC as soon as possible
after filing. 



  
 3 














	 	3.2	 During the Term of Pledge, in the event Pledgors and/or Party C fails to perform the Contract Obligations or
pay Secured Indebtedness, Pledgee shall have the right, but not the obligation, to exercise 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, Pledgors 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 original documents during the entire Term of
Pledge set forth in this Agreement. 


  

	5.	 Representations and Warranties of Each Pledgor and Party C 



As of the execution date of this Agreement, Pledgor and Party C hereby jointly and severally represent and warrant to Pledgee that: 

 

	 	5.1	 Pledgor is the sole legal and beneficial owner of the Equity Interest; 



 

	 	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; 


  

	 	5.4	 Pledgor and Party C have obtained any and all approvals and consents from applicable government authorities and
third parties (if required) for execution, delivery and performance of this Agreement. 


  

	 	5.5	 The execution, delivery and performance of this Agreement will not: (i) violate any relevant PRC laws;
(ii) conflict with Party C’s articles of association, bylaws or other constitutional documents; (iii) result in any breach of or constitute any breach under any contract or instrument to which it is a party or by which it is otherwise
bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or permit issued to any Party; or (v) cause any permit or permit issued to any Party to be suspended, cancelled or attached with additional
conditions. 



  
 4 














	6.	 Covenants of Each Pledgor and Party C 



 

	 	6.1	 During the term of this Agreement, Pledgor and Party C hereby jointly and severally covenant to the Pledgee:



  

	 	6.1.1	 Pledgor shall not transfer the Equity Interest, place or permit the existence of any security interest or other
encumbrance on the Equity Interest or any portion thereof, without the prior written consent of Pledgee, except for the performance of the Transaction Documents; 



 

	 	6.1.2	 Pledgor and Party C shall comply with the provisions of all laws and regulations applicable to the pledge of
rights, and within five (5) 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	 Pledgor and Party C shall promptly notify Pledgee of any event or notice received by Pledgor that may have an
impact on 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; 



 

	 	6.1.4	 Party C shall complete the registration procedures for extension of the term of operation within three
(3) months prior to the expiration of such term to maintain the validity 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 the Contract Obligations and Secured
Indebtedness, 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. 


  

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



  
 5 














	7.	 Event of Breach 



 

	 	7.1	 The following circumstances shall be deemed Event of Default: 



 

	 	7.1.1	 Pledgor’s any breach to any obligations under the Transaction Documents and/or this Agreement.



  

	 	7.1.2	 Party C ‘s any breach to any obligations under the Transaction Documents and/or this Agreement.



  

	 	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 and Party C shall immediately notify Pledgee in writing accordingly. 


  

	 	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 and/or Party C 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 the Pledgor to immediately exercise the Pledge in accordance with the provisions of Section 8 of this Agreement. 


  

	8.	 Exercise of Pledge 



 

	 	8.1	 Pledgee shall issue a written Notice of Default to Pledgor when it exercises the Pledge. 



 

	 	8.2	 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 8.1. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 



 

	 	8.3	 After Pledgee issues a Notice of Default to Pledgee in accordance with Section 8.1, Pledgee may exercise
any remedy measure under applicable PRC laws, the Transaction Documents and this Agreement, including but not limited to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into or
from the proceeds from auction or sale of the Equity Interest. The Pledgee shall not be liable for any loss incurred by its duly exercise of such rights and powers. 



 

	 	8.4	 The proceeds from exercise of the Pledge by Pledgee shall be used to pay for tax and expenses incurred as
result of disposing the Equity Interest, perform Contract Obligations and pay the Secured Indebtedness to the Pledgee prior and in preference to any other payment. After the payment of the aforementioned amounts, the remaining balance shall be
returned to Pledgor or any other person who have rights to such balance under applicable laws or be deposited to the local notary public office where Pledgor resides, with all expense incurred being borne by Pledgor. To the extent permitted under
applicable PRC laws, Pledgor shall unconditionally donate the aforementioned proceeds to Pledgee or any other person designated by Pledgee. 



  
 6 














	 	8.5	 Pledgee may exercise any remedy measure available simultaneously or in any order. Pledgee may exercise the
right to being paid in priority with the Equity Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from auction or sale of the Equity Interest under this Agreement, without exercising any other
remedy measure first. 


  

	 	8.6	 Pledgee is entitled to designate an attorney or other representatives to exercise the Pledge on its behalf, and
Pledgor or Party C shall not raise any objection to such exercise. 


  

	 	8.7	 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.	 Liability for Breach 



 

	 	9.1	 If the Pledgors or Party C conducts any material breach of any term of this Agreement, the Pledgee shall have
right to terminate this Agreement and/or require the Pledgors or Party C to indemnify all damages; this Section 9 shall not prejudice any other rights of the Pledgee herein. 



 

	 	9.2	 Pledgor or Party C shall not have any right to terminate this Agreement in any event unless otherwise required
by applicable laws. 


  

	10.	 Assignment 


  

	 	10.1	 Without Pledgee’s prior written consent, Pledgor and Party C shall not have the right to assign or
delegate their rights and obligations under this Agreement. 


  

	 	10.2	 This Agreement shall be binding on Pledgor and his/her successors and permitted assigns, and shall be valid
with respect to Pledgee and each of his/her successors and assigns. 


  

	 	10.3	 At any time, Pledgee may assign any and all of its rights and obligations under the Transaction Documents and
this Agreement to its designee (s), in which case the assigns shall have the rights and obligations of Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction Documents and this Agreement.



  

	 	10.4	 In the event of change of Pledgee due to an assignment, Pledgor and/or Party C 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. 


  


	 	10.5	 Pledgor and Party C 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 Transaction Documents, 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. 



  
 7 














	11.	 Termination 


  

	 	11.1	 Upon the fulfillment of all Contract Obligations and the full payment of all Secured Indebtedness by Pledgors
and Party C, Pledgee shall release the Pledge under this Agreement upon Pledgor’s request as soon as reasonably practicable and shall assist Pledgors to de-register the Pledge from the shareholders’
register of Party C and with relevant PRC local administration for industry and commerce. 


  

	 	11.2	 The provisions under Sections 9, 13, 14 and 11.2 herein of this Agreement shall survive the expiration or
termination of this Agreement. 


  

	12.	 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. 
  

	13.	 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, directors,
employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, 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 shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party
shall be held liable for breach of this Agreement. 
  

	14.	 Governing Law and Resolution of Disputes 



 

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



  
 8 














	 	14.2	 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 for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Beijing. The arbitration
award shall be final and binding on all Parties. 


  

	 	14.3	 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.



 15. Notices 
  

	 	15.1	 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 email. The dates on
which notices shall be deemed to have been effectively given shall be determined as follows: 


  

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


  

	 	15.3	 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). 


  

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



Party A: Wanleduo Network Technology (Beijing) Co., Ltd. 

Address: 202, Block B, Qiming International Building, Chaoyang District, Beijing 

Attn:       Luo Jian 

E-mail:   luojian@huohua.cn 

Party B:  Shan Zebing 

Address: *************** 
 Phone:
   *************** 
 Party C:  Beijing Xingengyuan Science and Technology Co., Ltd. 

Address: 202, Block B, Qiming International Building, Chaoyang District, Beijing 

Attn:       Luo Jian 

E-mail:   luojian@huohua.cn 

 

	 	15.5	 Any Party may at any time change its address for notices by a notice delivered to the other Parties in
accordance with the terms hereof. 



  
 9 














	16.	 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 aspect. 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. 
  

	17.	 Entire agreement 



Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the matter hereof, and shall supersede all prior oral and written consultations, representations and agreements reached with respect to the matter of this Agreement,
including, without limitation, the Equity Pledge Agreement executed by and among the Parties on January 3, 2017. 
  

	18.	 Attachments 



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

 

	19.	 Effectiveness 



 

	 	18.1	 This Agreement shall become effective upon execution by the Parties. 



 

	 	18.2	 Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective upon
completion of the governmental filing procedures (if applicable) after the affixation of the signatures or seals of the Parties. 


  

	20.	 Language and Counterparts 



This Agreement is written in Chinese in four counterparts. Pledgee, Pledgor and Party C shall hold one counterpart and the remaining
counterpart shall be for registration. 
 The Remainder of this page is intentionally left blank. 

  
 10 













 INWITNESS WHEREOF, the Parties have caused their authorized representatives to execute this
Equity Interest Pledge Agreement as of the date first above written. 
 Party A: Wanleduo Network Technology (Beijing) Co., Ltd. (Seal) 

 

	
	Signature: /s/ Luo Jian
                                    
	Name: Luo Jian
	Title: Legal Reprehensive
	
	Party B: Shan Zebing
	
	Signature: /s/ Shan Zebing                              
	
	Party C: Beijing Xingengyuan Science and Technology Co., Ltd. (Seal)
	
	Signature: /s/ Luo Jian
                                     
	Name: Luo Jian
	Title: Legal Reprehensive


  
 11 













 Attachments: 
  

	1.	 Register of Shareholders of Party C 



 

	2.	 Exclusive Business Cooperation Agreement 



 

	3.	 Exclusive Option Agreement 



 

	4.	 Power of Attorney 


  

	5.	 Spousal Consent 



  
 12