Document:

EX-10.4

 Exhibit 10.4 

 
  

AMENDED AND RESTATED EXCLUSIVE BUSINESS COOPERATION AGREEMENT 

 
  

Between 
 Guangzhou
Transasia Trading Co., Ltd 
 And 

Guangzhou Onion Vogue Group Co., Ltd 

September 26, 2020 

 Amended and Restated Exclusive Business Cooperation Agreement 

This Amended and Restated Exclusive Business Cooperation Agreement is made on September 26, 2020 in Guangzhou, People’s Republic of China
(hereinafter referred to as “China”, and for the purpose of this Agreement, excluding Hong Kong, Macau and Taiwan) by the following parties: 
  

	1.	 Guangzhou Transasia Trading Co., Ltd. (formerly known as Guangzhou Heshanshan Equity Investment Co., Ltd.), a
wholly foreign-owned enterprise incorporated under Chinese laws, with its correspondence address at 3-05-14, No.309, Middle Huangpu Avenue, Tianhe District, Guangzhou,
and its legal representative being Bai Pingsan (hereinafter referred to as “Party A”); 

  

	2.	 Guangzhou Onion Vogue Group Co., Ltd. (formerly known as Guangzhou Liangkeshu Technology Co., Ltd.), a limited
liability company incorporated under Chinese laws, with its correspondence address at 3-05-2, No.309, Middle Huangpu Avenue, Tianhe District, Guangzhou, and its legal
representative being Bai Pingsan (hereinafter referred to as “Party B”). 

 (Party A and Party B is hereinafter referred
to individually as a “Party” and collectively as the “Parties”.) 
 Whereas, 

 

	1.	 Party A is mainly engaged in commercial service industry. 

 

	2.	 Party B is mainly engaged in research and experimental development. 

 

	3.	 Party B (hereinafter including its subsidiaries) intends to engage Party A, and Party A agrees, to provide
software licensing, technical support, technical consultation and other business consulting services related to Party B’s business (as defined below) in order to promote the development of its own business. 

 

	4.	 Based on the above mutual agreement, Party A and Party B signed the Exclusive Business Cooperation Agreement
(the “Original Agreement”) on September 19, 2018. 

 After friendly consultation, the Parties hereby reach the following
agreement on the basis of the Original Agreement to replace all the provisions in the Original Agreement: 
 Article 1 Definition 

 

	1.1	 The following terms used in this Agreement have the meanings below, unless this Agreement stipulates otherwise
or the context requires otherwise: 

  

			
	 “Party B’s Business”
	  	Means the business activities conducted and developed by Party B at present or at any time during the term of this Agreement.
		
	 “Party B’s Subsidiaries”
	  	Refer to the companies or enterprises that Party B can directly or indirectly control during the term of this Agreement. For the purpose of this Agreement, they refer to the following wholly-owned/holding subsidiaries of Party B (as
shown in the Exhibit).

  
 1 

			
	 “Party B’s Assets”
	  	Refer to all tangible and intangible assets owned by Party B from time to time during the term of this Agreement or which Party B has the right to dispose of directly or indirectly in a manner permitted by Chinese laws, including
but not limited to the equity of Party B’s Subsidiaries directly or indirectly held by Party B, any real estate and movable property of Party B and Party B’s Subsidiaries, and such intellectual property rights as trademark, copyright,
patent, know-how, domain names, and software use rights.
		
	 “Services”
	  	 Means the services provided by Party A to Party B exclusively with respect to Party B’s business, including but not limited to:

 
 (1) Licensing Party B to use any software legally owned by Party A;

 
 (2) Developing, maintaining and upgrading software related to Party B’s
Business;
  
 (3) Design, installation, routine management, maintenance and upgrading of
network system, hardware and database design;
  
 (4) Providing technical support and
employee training to relevant employees of Party B;
  
 (5) Providing assistance in
technical and market information consultation, collection and research (excluding market research business prohibited by Chinese laws for wholly foreign-owned enterprises);
  

(6) Providing enterprise management consultation;
  

(7) Providing marketing and promotion services;
  

(8) Providing customer order management and customer service;
  

(9) Transferring and leasing equipment or property;
  

(10) Other relevant services required by Party B from time to time within the scope permitted by Chinese laws.

		
	 “Service Team”
	  	Refers to the team established by Party A to provide Services to Party B under this Agreement, which includes Party A’s employees, third-party professional consultants engaged by Party A and other laborers.
		
	 “Service Fee”
	  	Means all fees payable by Party B to Party A for the Services provided by Party A according to Article 3 hereof.

  
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	 “Net Profit after Tax”
	  	For any fiscal year within the term of this Agreement, it refers to the profit after the operating costs, expenses, taxes and statutory reserve funds required in the fiscal year, and the accumulated losses (if any) of Party B in the
previous fiscal year are deducted from the “total operating income” recorded in Party B’s audited consolidated income statement according to the applicable accounting standards.
		
	 “Annual Business Plan”
	  	Refers to the business development plan and budget report of Party B for the next fiscal year prepared by Party B with the assistance of Party A before November 30th of each year in accordance with this Agreement.
		
	 “Equipment”
	  	Means any and all equipment owned by Party A or purchased from time to time for the purpose of providing Services.
		
	 “Material Adverse Effect”
	  	Refers to any situation, change or event that has a serious adverse effect on the legal and valid existence, legal going concern, assets and liabilities (including contingent liabilities), operating performance or financial status
of Party B and Party B’s Subsidiaries.

  

	1.2	 Any reference to any laws and regulations (“Laws”) shall be reference to: (1) those Laws
as amended, modified, supplemented and restated, whether they become effective before or after the conclusion of this Agreement; and (2) other decisions, notices and regulations prepared or effective under the Laws. 

 

	1.3	 Unless the context requires otherwise, any reference to any Articles, Paragraphs, Subparagraphs or Items herein
are reference to the Articles, Paragraphs, Subparagraphs or Items of this Agreement. 

 Article 2 Party A’s
Services 
  

	2.1	 In order to better develop Party B’s Business, Party B asks Party A to and Party A agrees to provide
Services for Party B. Party B engages Party A as its exclusive business partner to exclusively provide Party B with the Services defined herein, and Party A agrees to accept such engagement. 

 

	2.2	 Party A shall provide Services to Party B in accordance with the terms of this Agreement, and Party B shall
provide convenience for Party A’s Services as much as possible. 

  

	2.3	 Party A shall be furnished with the Equipment and Service Team reasonably required for providing Services, and
shall purchase new Equipment and add new personnel according to Party B’s Annual Business Plan and reasonable requirements, so that Party A may provide quality Services to Party B according to this Agreement. However, Party A may, at its
discretion, replace any member of the Service Team or change the specific service responsibilities of any member of the Service Team from time to time, provided that the replacement of such members or the change of service responsibilities will not
have a Material Adverse Effect on Party B’s daily operations. 

  

	2.4	 In order to ensure the smooth development of Party B’s business activities, Party A has the right to
independently decide to provide guarantees permitted by Chinese Laws for the performance of any obligations of Party B (providing guarantees for Party B by Party A is a right of Party A, and does not constitute an obligation of Party A).

  
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	2.5	 Notwithstanding any other provisions hereof, Party A has the right to designate any third party to provide the
Services hereunder in whole or in part, or delegate the third party to perform its obligations hereunder. Party B hereby agrees that Party A has the right to transfer its rights and obligations hereunder to any third party. 

Article 3 Service Fee 
  

	3.1	 In respect of the Services provided by Party A in accordance with this Agreement, Party B shall pay the Service
Fee to Party A according to the following provisions: 

  

	 	3.1.1	 On the premise of maximizing Party A’s benefits, where determined by Party A according to Party B’s
specific operating conditions, it shall be equivalent to 100% of Party B’s Net Profit after Tax in any fiscal year in principle; and 

  

	 	3.1.2	 Service fees for specific technical services provided by Party A from time to time at the request of Party B as
otherwise agreed by the Parties. 

  

	3.2	 Party B shall pay the Service Fee determined in accordance with Article 3.1 to the bank account designated by
Party A at one lump sum within three months after the end of each fiscal year as required by Party A. If Party A changes its bank account number, it shall send a written notice to Party B seven (7) working days in advance.

  

	3.3	 The Parties agree that Party A has the right to adjust the scope, amount and payment term of Service Fee
independently and without restriction in accordance with Chinese tax laws and tax practices and with reference to the needs of Party B’s working capital, and Party B shall accept such adjustments. 

For the adjustment of Service Fee, Party A should consider but not limited to the following factors: (1) the difficulty of management and
technique provided by Party A and the complexity of management and technical consultation and other services provided; (2) time required for Party A’s relevant personnel to provide such management, technical consultation and other
services; (3) the specific content and commercial value of management and technical consultation and other services provided by Party A; (4) market price of the same kind of service. 

 

	3.4	 For the Service Fee of specific technical services provided by Party A from time to time at the request of
Party B, the Parties shall separately determine the Service Fee in writing according to the nature and workload of the Services. 

Article 4 Obligations of Party B 
  

	4.1	 The Services provided by Party A hereunder are sole and exclusive. During the term of this Agreement, without
the prior written consent of Party A, Party B shall not directly or indirectly sign any written or oral agreement with any third party to hire such third party to provide services that are the same as or similar to those provided by Party A
hereunder. 

  

	4.2	 Party B shall provide Party A with the confirmed Annual Business Plan of Party B for the next year before
December 31st of each year, so that Party A can arrange the corresponding service plan and add the required software, Equipment, personnel and technical personnel. If Party B temporarily needs Party A to provide additional equipment or personnel, it
shall negotiate with Party A fifteen (15) days in advance to reach a mutual agreement between the Parties. 

  
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	4.3	 In order to facilitate Party A to provide Services, Party B shall provide Party A with the required relevant
information accurately and timely at the request of Party A. 

  

	4.4	 Party B shall pay the Service Fee to Party A in full and on time according to Article 3 hereof.

  

	4.5	 Party B shall maintain its good reputation, actively expand its business, and strive to maximize its income.

  

	4.6	 The Parties hereby acknowledge that all registered shareholders of Party B at the time when this Agreement is
signed (hereinafter referred to as “Existing Shareholders”) and Party A will sign an Equity Pledge Agreement at the same time of signing this Agreement. All Existing Shareholders shall pledge their respective equity in Party B to Party A
to guarantee the performance of Party B’s obligations under this Agreement. 

  

	4.7	 Party A has the right to audit Party B’s accounts regularly and at any time, and Party B shall keep
accounts timely and accurately, and provide its accounts to Party A at the request of Party A. During the term of this Agreement, Party B agrees to cooperate with Party A and its parent company (including direct or indirect) in conducting related
transaction audits and other audits, and provide Party A, its parent company or its entrusted auditors with relevant information and materials on Party B’s operation, business, customers, finance and employees, and agrees that Party A’s
parent company will disclose such information and materials in order to meet the regulatory requirements of the place where its securities are listed. 

  

	4.8	 Without Party A’s consent, Party B shall not (directly or indirectly), and shall urge Party B’s
subsidiaries not to operate businesses within the scope permitted by Party A’s Business License and relevant licenses for operation. 

  

	4.9	 Party B shall not take, and shall urge Party B’s Subsidiaries not to take, any action that may have any
adverse effect on any rights enjoyed by Party A for the Services provided under this Agreement. 

 Article 5
Intellectual Property Rights 
  

	5.1	 Where permitted by applicable Laws in China, the intellectual property rights of the work results created by
Party A or developed and created by Party B (including but not limited to copyright, patent right, know-how, trade secret and other rights and interests) shall be owned by Party A (except those intellectual
property rights that must be held by Party B for the purpose of maintaining or obtaining the licenses and relevant tax incentives required for Party B’s Business or those owned by Party A that will have a Material Adverse Effect on Party
B’s operations) 

 If the applicable Laws of China clearly provide that such intellectual property rights shall not be
owned by Party A, or Party B must hold such intellectual property rights for the purpose of maintaining or obtaining licenses or related tax incentives required for its business operations, then such intellectual property rights shall be held by
Party B first, and shall be transferred to Party A at the lowest consideration allowed by law when Chinese Laws allow Party A to own such intellectual property rights and Party B no longer needs to hold such intellectual property rights for the
purpose of the aforementioned licenses or related tax incentives; if Laws do not limit the minimum transfer price at that time, Party B shall transfer the ownership of the intellectual property without any conditions and assist Party A to go through
the formalities of changing the filing and registration of the intellectual property owner with government authorities. Party B shall not transfer, assign, mortgage, license or otherwise dispose of its intellectual property rights without obtaining
the prior written consent of Party A. 

  
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	5.2	 For the purpose of performing this Agreement, during the term of this Agreement, Party A may use the
intellectual property rights owned by Party B without any consideration and conditions, and Party B may also use the work results created by Party A in the process of providing Services hereunder as stipulated in this Agreement, but this Agreement
does not permit Party B to use these work results for other purposes in any way. 

  

	5.3	 Each Party warrants to the other Party that it will compensate the other Party for any and all economic losses
caused by any of the Party’s infringement of intellectual property rights of others (including copyright, trademark rights, patent rights and know-how). 

Article 6 Confidentiality Obligations 
  

	6.1	 Each Party shall keep strict confidential the business secrets, proprietary information, client information and
other relevant materials shared by the Parties and other confidential information of the other Party obtained during the performance of this Agreement (“Confidential Information”) regardless of whether this Agreement has terminated.
The Party receiving the Confidential Information (“Receiving Party”) shall not disclose any Confidential Information to any third party, except upon prior written consent of the other Party or as required by applicable Laws or the
rules of relevant stock exchanges. The Receiving Party shall not use directly or indirectly any Confidential Information except for purpose of performing this Agreement. 

 

	6.2	 The Parties acknowledge that the following information is not Confidential Information: 

 

	 	6.1.1	 The information that has been known to the Receiving Party before the disclosure, as is shown by written
evidence; 

  

	 	6.1.2	 The information that enters the public domain through no fault of the Receiving Party or is otherwise known to
the public; or 

  

	 	6.1.3	 The information obtained by the Receiving Party legally through other channel after receiving the information
from the disclosing party. 

  

	6.3	 The Receiving Party may disclose the Confidential Information to its relevant employees, agents or any
professionals it engages, provided that it shall ensure such persons shall comply with this Agreement, keep the Confidential Information confidential, and use the Confidential Information only for the purpose of performing this Agreement.

  

	6.4	 Upon termination of this Agreement, the Receiving Party shall return any documents, materials or software
containing Confidential Information to the original owner or provider of Confidential Information, or destroy it with the consent of the original owner or provider, including deleting any Confidential Information from any relevant memory devices,
and shall not continue to use such Confidential Information. 

  
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	6.5	 The Parties agree that this provision will survive the change, rescission and termination of this Agreement.

 Article 7 Undertakings and Warranties 
  

	7.1	 Party A hereby represents and warrants that: 

 

	 	7.1.1	 It is a limited liability company duly incorporated and validly existing under the law of its place of
incorporation who has separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued. The signing of this Agreement does not mean that Party A has the obligation to
share Party B’s losses and/or provide financial support to Party B. 

  

	 	7.1.2	 It has full power and authority to execute, deliver and perform this Agreement and all other documents relating
to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. It has legally and duly executed and delivered this Agreement. This Agreement constitutes its legal
and binding obligations, and is enforceable against it according to the terms hereof. 

  

	7.2	 Party B hereby represents, warrants and undertakes that: 

 

	 	7.2.1	 It is a limited liability company duly incorporated and validly existing under the law of its place of
incorporation who has separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued. It will not require Party A to share its losses and/or provide it with
financial support in accordance with this Agreement. 

  

	 	7.2.2	 It has full power and authority to execute, deliver and perform this Agreement and all other documents relating
to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. It has legally and duly executed and delivered this Agreement. This Agreement constitutes its legal
and binding obligations, and is enforceable against it according to the terms hereof. The execution and performance of this Agreement and the completion of the transactions contemplated hereby will not (i) violate any Chinese Laws,
(ii) conflict with or lead to violation of any contract to which Party B is a party; or (iii) violate any license required or any condition permitted for Party B’s Business. 

 

	 	7.2.3	 When this Agreement comes into effect, it has a complete business license required for its operation, and has
full rights and qualifications to operate Party B’s Business in China. 

  

	 	7.2.4	 It shall inform Party A of its litigation and other unfavorable situations in a timely manner, and try its best
to prevent the loss from expanding. 

  

	 	7.2.5	 Without Party A’s written consent, Party B shall not dispose of Party B’s major assets worth more
than RMB 10 million in any form, nor change Party B’s existing equity structure. 

  
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	 	7.2.6	 It shall not enter into transactions that may materially affect Party B’s Assets, responsibilities,
business operations, equity structure, equity held in third parties and other legal rights (except those arising in the normal or daily business process or disclosed to Party A and approved by Party A in writing). 

Article 8 Term and Termination 
  

	8.1	 This Agreement shall come into force on the date when the Parties officially sign it and shall be valid for ten
(10) years unless terminated earlier in accordance with the terms of this Agreement or the relevant agreements entered into by the Parties. Upon expiration of this Agreement, the term of this Agreement shall be automatically extended for ten
(10) years unless Party A gives three (3) months’ prior written notice not to extend it. 

  

	8.2	 This Agreement shall be terminated in case one of the following circumstances is met: 

 

	 	8.2.1	 Party B’s equity or all assets held by Party B’s shareholders have been legally transferred to Party
A and/or other entities or persons designated by Party A; or 

  

	 	8.2.2	 Party A unilaterally requests to terminate this Agreement (Party A’s right to terminate this Agreement is
a right without any restrictive conditions, and this right only belongs to Party A, and Party B does not have the right to terminate this Agreement unilaterally). 

 

	8.3	 The Parties shall complete the examination and approval and registration procedures for extending the business
term within three months before the expiration of their respective business term to maintain the term of this Agreement. 

  

	8.4	 After the termination of this Agreement, the Parties shall still abide by their obligations under Article 3 and
Article 6 hereof. 

 Article 9 Notice 
  

	9.1	 Any notice, request, demand or other communication required by or made under this Agreement shall be in writing
and sent to relevant Parties. 

  

	9.2	 Where the above notice or other communication is sent by fax, it will be deemed delivered when it is sent.
Where the above notice or other communication is sent by personal delivery, it will be deemed delivered when it is submitted in person. Where the above notice or other communication is sent by mail, it will be deemed delivered five (5) days
after it is posted. 

 Article 10 Liabilities for Breach of Contract 

 

	10.1	 The Parties agree and acknowledge that if either Party (“Breaching Party”) materially breaches
any covenant hereunder, or fails to perform any material obligation hereunder, it will constitute a breach of this Agreement (“Breach”), and the other Party (“Non-breaching
Party”) has the right to request the Breaching Party to correct or take remedial measures within a reasonable period. If the Breaching Party fails to do so within a reasonable period or ten (10) days after the Non-breaching Party gives a written notice requesting correction, then: 

  

	 	10.1.1	 If Party B is the Breaching Party, Party A shall have the right to terminate this Agreement and claim damages
from the Breaching Party; 

  
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	 	10.1.2	 If Party A is the Breaching Party, Party B shall have the right to claim damages from the Breaching Party, but
Party B has no right to unilaterally terminate or rescind this Agreement under any circumstances. 

  

	10.2	 Notwithstanding other provisions hereof, the validity of Article 10 shall not be affected by the termination of
this Agreement. 

 Article 11 Force Majeure 

 

	11.1	 In case of earthquake, typhoon, flood, fire, war, policy, legal change and other unforeseeable or unavoidable
force majeure events that directly affect one Party’s performance of this Agreement or one Party’s performing this Agreement as agreed, the Party encountering the force majeure event shall immediately send a notice by fax, and, within
thirty (30) days, submit the details of the force majeure event and the supporting documents of the reasons why this Agreement cannot be performed or needs to be delayed. Such documents shall be issued by a notary office in the area where the
force majeure event occurs. The Party affected by the force majeure event shall take appropriate measures to reduce or eliminate the influence of the force majeure event, and shall make efforts to resume the performance of obligations delayed or
hindered by the force majeure event. The Parties shall decide whether the performance of this Agreement shall be partially exempted or postponed according to the influence of the force majeure event on the performance of this Agreement. Neither
Party shall be liable for compensation for the economic losses caused to the Parties by force majeure events. 

 Article
12 Miscellaneous 
  

	12.1	 This Agreement is made in Chinese. This Agreement is made in three (3) counterparts, with each Party
holding one (1) counterpart, and the remaining counterpart maintained by Party A for later use. 

  

	12.2	 The conclusion, validity, performance, modification, interpretation and termination of this Agreement shall be
governed by the PRC Laws. 

  

	12.3	 Any dispute arising under or in connection with this Agreement shall be resolved by the Parties through
consultation. If the Parties fail to reach an agreement within thirty (30) days after the dispute arises, the dispute shall be submitted to Guangzhou Arbitration Commission for arbitration according to the arbitration rules of the Commission
effective at the time of submission. The arbitration shall be carried out in Guangzhou in Chinese, and the arbitral award is final and equally binding on the Parties. In case Party B is liable, the Arbitration Commission has the right to make an
award that Party A shall be compensated with Party B’s shares or assets, or Party A shall be provided with remedies of injunction (for example, necessary for conducting business or forcibly transferring assets) or Party B shall be liquidated.
In order to support the enforcement of the arbitral award, before submitting for arbitration, waiting for the formation of arbitration tribunal, before the Commission makes an arbitral award or under other appropriate circumstances, the Parties
hereto have the right to request provisional remedies from the courts where Party A and Party B are incorporated, where their main assets are located, Hong Kong courts and Cayman Islands courts, and the aforesaid courts shall be deemed to have
jurisdiction. 

  
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	12.4	 Any rights, powers and remedies granted to either Party under any provision of this Agreement shall not
preclude any other rights, powers or remedies granted to the Party under Laws or other provisions hereof. No exercise by either Party of its rights, powers or remedies will preclude the exercise by the Party of other rights, powers or remedies.

  

	12.5	 No failure or delay to exercise by either Party of its rights, powers or remedies under this Agreement or Laws
(“Such Rights”) will constitute waiver of Such Rights, and no single or partial waiver of Such Rights will preclude exercise by the Party of Such Rights in other way or of other rights. 

 

	12.6	 The headings hereof are inserted for reference only, and shall not be used for or affect the interpretation of
any provisions hereof. 

  

	12.7	 This Agreement shall replace any other written or oral agreements previously reached by the Parties with
respect to the subject matter hereof, and constitute the entire agreement between the Parties. 

  

	12.8	 The provisions hereof are severable and independent from other provisions. If any or several provisions hereof
are decided invalid, illegal or unenforceable at any time, the validity, legality and enforceability of other provisions hereof shall not be affected. 

  

	12.9	 Any amendment or supplement to this Agreement must be made in written form. Party A shall have the right to
decide to amend or supplement any provision of this Agreement at its own discretion according to the requirements of relevant regulatory authorities or other considerations. Once Party A issues a written notice of amending or supplementing this
Agreement, Party B shall sign the amended and supplemented agreement according to Party A’s requirements. 

  

	12.10	 Without the prior written consent of Party A, Party B shall not transfer any of its rights and/or obligations
under this Agreement to any third party. If and only if Chinese Laws do not allow Party A to be a party to this Agreement, Party A has the right to transfer any of its rights and/or obligations hereunder to a third party designated by it after
notifying Party B. Any such transfer shall include all rights and obligations of Party A hereunder, and the transferee shall be regarded as the original party of this Agreement. Party B shall, at the request of Party A, sign all agreements and other
documents required to complete the transfer. 

  

	12.11	 This Agreement shall be binding on the legal successors of the Parties. 

 

	12.12	 The Parties undertake that they will declare and pay the taxes involved in the transactions hereunder according
to law. 

 [The remainder of this page is intentionally left blank.] 

  
 10 

 Exhibit Party B’s Subsidiaries 

 

	1.	 Guangzhou Onion Fans Technology Co., Ltd. 

 

	2.	 Guangzhou Young Internet Co., Ltd. 

 

	3.	 Zhuhai Young Supply Chain Technology Co., Ltd. 

 

	4.	 Guangzhou Ocean Unbounded Technology Co., Ltd. 

 

	5.	 Guangzhou Peacheese Information Technology Co., Ltd. 

 

	6.	 Guangzhou EQuick Technology Co., Ltd. 

 

	7.	 Doubletree (Tibet) Trading Co., Ltd. 

  
 11 

 [Signature page of the Exclusive Business Cooperation Agreement] 

IN WITNESS WHEREOF, this Exclusive Business Cooperation Agreement is executed by the following Parties on the date and at the place first indicated in this
Agreement: 
  

			
	Guangzhou Transasia Trading Co., Ltd.
	(Seal)
		
	By: 	 	/s/ Bai Pingsan
	Name:	 	Bai Pingsan

  

			
	Guangzhou Onion Vogue Group Co., Ltd.
	(Seal)
		
	By:	 	/s/ Bai Pingsan
	Name:	 	Bai PingsanEX-10.5

 Exhibit 10.5 

 
  

Amended and Restated Exclusive Call Option Agreement 

In relation to 

Guangzhou Onion Vogue Group Co., Ltd. 
  

 
 Between

 Guangzhou Transasia Trading Co., Ltd. 

And 
 Guangzhou Onion
Vogue Group Co., Ltd. 
 And 

Shareholders Listed in Exhibit I 

September 26, 2020 

 Amended and Restated Exclusive Call Option Agreement 

This Amended and Restated Exclusive Call Option Agreement (“Agreement”) is made by the following parties on
September 26, 2020 (Execution Date): 
  

	1.	 Shareholders listed in Exhibit I 

(“Existing Shareholders”) 
  

	2.	 Guangzhou Transasia Trading Co., Ltd. (formerly known as Guangzhou Heshanshan Equity Investment Co.,
Ltd., “WFOE”) 

 Registered address:
3-05-14, No.309, Middle Huangpu Avenue, Tianhe District, Guangzhou 

Legal representative: Bai Pingsan 
  

	3.	 Guangzhou Onion Vogue Group Co., Ltd. (formerly known as Guangzhou Liangkeshu Technology Co., Ltd.,
“Company”) 

 Registered address:
3-05-2, No.309, Middle Huangpu Avenue, Tianhe District, Guangzhou 

Legal representative: Bai Pingsan 
 (The parties
above are hereinafter referred to individually as a “Party” and collectively as the “Parties”.) 
 Whereas, 

 

	(1)	 The Existing Shareholders are the registered shareholders of the Company and hold the entire equity interest in
the Company. As of the Execution Date, the Existing Shareholders’ capital contribution in the registered capital of the Company and shareholding ratio is set forth in Exhibit I. 

 

	(2)	 Subject to the current PRC Laws, the Existing Shareholders are willing to transfer their entire equity interest
in the Company to the WFOE, and the WFOE is willing to accept such transfer. 

  

	(3)	 Subject to the current PRC Laws, the Company is willing to and cause the Subsidiaries to transfer their assets
to the WFOE, and the WFOE is willing to accept such transfer. 

  

	(4)	 In order to effect the above transfer of equity interest and assets, the Existing Shareholders and the Company
agree to grant to the WFOE the exclusive and irrevocable Equity Transfer Option and Asset Purchase Option. According to the options, subject to the PRC Laws, the Existing Shareholders or the Company, shall at the request of the WFOE transfer the
Option Equity or the Assets (as defined below) to the WFOE and/or its designated entity or individual according to the provision hereof. 

  

	(5)	 The Company agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option (as defined
below) according to this Agreement. 

  

	(6)	 The Existing Shareholders agree that the Company will grant to the WFOE the Asset Purchase Option (as defined
below) according to this Agreement. 

  
 2 

	(7)	 Based on the above consensus, the Parties signed the Exclusive Call Option Agreement on September 19, 2018
(the “Original Agreement”). 

 Now, therefore, the Parties reach the following agreement through friendly consultation to
replace all the provisions in the Original Agreement: 
 Article 1 Definitions 

 

	1.1	 The following terms used in this Agreement have the meanings below, unless the context requires otherwise:

  

			
	 “PRC Laws”
	  	Means the currently valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding normative documents of the People’s Republic of China (or the purpose of this
Agreement, excluding Hong Kong, Macau and Taiwan).
		
	 “Equity Transfer Option”
	  	Means the option granted by the Existing Shareholders to the WFOE according to the terms and conditions hereof to purchase the equity interest of the Company.
		
	 “Asset Purchase Option”
	  	Means the option granted by the Company to the WFOE according to the terms and conditions hereof to purchase any asset of the Company.
		
	 “Option Equity”
	  	Means the entire equity interest held by the Existing Shareholders in the Registered Capital (as defined below) of the Company, which accounts for 100% of the Registered Capital.
		
	 “Registered Capital”
	  	Means the registered capital of the Company of RMB one hundred and ninety-three million five hundred thousand (RMB193,500,000) as of the Execution Date, as may be expanded by any capital increase in whatever form during the term of
this Agreement.
		
	 “Transfer Equity”
	  	Means the equity interest which the WFOE has the right to request the Existing Shareholders to transfer to it or its designated entity or individual (if PRC Laws do not allow the WFOE to be the transferee) when the WFOE exercises
the Equity Transfer Option according to Article 3 hereof, the number of which may be part or all of the Option Equity and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business
consideration.

  
 3 

			
	 “Transfer Assets”
	  	Means the assets of the Company which the WFOE has the right to request the Company and the Subsidiaries to transfer to it and/or its designated entity or individual (if PRC Laws do not allow the WFOE to be the transferee) when the
WFOE exercises the Asset Purchase Option according to Article 3 hereof, which may be part or all of the assets of the Company and the Subsidiaries and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its
own business consideration.
		
	 “Exercise”
	  	Means the WFOE exercises the Equity Transfer Option or the Asset Purchase Option.
		
	 “Transfer Price”
	  	Means the entire consideration payable by the WFOE and/or its designated entity or individual to the Existing Shareholders or the Company and the Subsidiaries for acquisition of the Transfer Equity or the Assets at each
Exercise.
		
	 “Business Licenses”
	  	Means any approvals, permits, filings, registrations, etc. the Company must hold for legally and validly operating its business, including but not limited to the Business License, Value-added Telecommunications Business License and
other relevant permits and certificates that may be required by the current PRC Laws.
		
	 “Subsidiaries”
	  	Means the companies or enterprises that can be directly or indirectly controlled by the Company from time to time during the term of this Agreement. As of the Execution Date, for the purpose of this Agreement, the term refers to the
following wholly-owned/controlled subsidiaries of the Company: Guangzhou Onion Fans Technology Co., Ltd., Guangzhou Young Internet Co., Ltd., Zhuhai Young Supply Chain Technology Co., Ltd., Guangzhou Ocean Unbounded Technology Co., Ltd., Guangzhou
Peacheese Information Technology Co., Ltd., Guangzhou EQuick Technology Co., Ltd., and Doubletree (Tibet) Trading Co., Ltd.

  
 4 

			
	 “Assets”
	  	Means all tangible and intangible assets that are owned or can be disposed of directly or indirectly by the Company in a manner permitted by PRC Laws during the term of this Agreement, including but not limited to the
Subsidiaries’ equity interest the Company directly or indirectly holds and any real property, personal property, trademark, copyright, patent, know-how, domain name, software use right and other
intellectual property rights of the Company and the Subsidiaries.
		
	 “Material Agreements”
	  	Means any agreements to which the Company is a party and which have material effect on the business or assets of the Company, including but not limited to the Exclusive Business Cooperation Agreement signed by the Company and the
WFOE on the Execution Date and other material agreements relating to the business of the Company.
		
	 “Exercise Notice”
	  	Has the meaning set forth in Article 3.7 of this Agreement.
		
	 “Confidential Information”
	  	Has the meaning set forth in Article 8.1 of this Agreement.
		
	 “Breaching Party”
	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	 “Breach”
	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	 “Such Rights”
	  	Has the meaning set forth in Article 13.5 of this Agreement.
		
	 “Material Adverse Effect”
	  	Means any situation, change or event that has a serious adverse effect on the legal and valid existence, legal going concern, assets and liabilities (including contingent liabilities), operating performance or finance of the Company
and Subsidiaries.

  

	1.2	 Any reference to any PRC Laws shall be reference to: 

 

	 	(1)	 those Laws as amended, modified, supplemented and restated, whether they become effective before or after the
conclusion of this Agreement; and 

  

	 	(2)	 other decisions, notices and regulations prepared or effective under the PRC Laws. 

 

	1.3	 Unless the context requires otherwise, any reference to any Articles, Paragraphs, Subparagraphs or Items herein
are reference to the Articles, Paragraphs, Subparagraphs or Items of this Agreement. 

  
 5 

 Article 2 Grant of Equity Transfer Option and Asset Purchase Option 

 

	2.1	 The Existing Shareholders hereby individually and jointly agree to grant to the WFOE an irrevocable,
unconditional and exclusive Equity Transfer Option, according to which the WFOE has the right to request the Existing Shareholders to transfer the Option Equity to the WFOE or its designated entity or individual according to the terms and conditions
of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Equity Transfer Option. “Exclusive” under this Article means that Existing Shareholders shall not grant the Equity Transfer Option to others except the WFOE
and/or its designated entity or individual. For the avoidance of doubt, when the WFOE and/or its designated entity or individual exercise the Equity Transfer Option, the Existing Shareholders shall unconditionally give up all their priority rights
under PRC Laws and the Company’s articles of association and give all necessary cooperation to complete the Exercise of the Equity Transfer Option. Except the WFOE and/or its designated entity or individual, no third party shall be entitled to
the Equity Transfer Option or the Equity Transfer Option. 

  

	2.2	 The Company hereby agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option
according to the above Article 2.1 and other provisions hereof. 

  

	2.3	 The Company hereby agrees to grant to the WFOE an irrevocable, unconditional and exclusive Asset Purchase
Option, according to which the WFOE has the right to request the Company and the Subsidiaries to transfer the part or all of the Assets to the WFOE or its designated entity or individual according to the terms and conditions of this Agreement,
subject to the PRC Laws. The WFOE hereby agrees to accept the Asset Purchase Option. “Exclusive” under this Article means that the Company shall not grant the Asset Purchase Option to others except the WFOE or its designated entity or
individual. 

  

	2.4	 The Existing Shareholders hereby individually and jointly agree that the Company will grant to the WFOE the
Asset Purchase Option according to the above Article 2.3 and other provisions hereof. 

 Article 3 Way of Exercise

  

	3.1	 Subject to the terms and conditions hereof and to the extent permitted by the PRC Laws, the WFOE has the
absolute sole discretion to decide the time, way and number of its Exercise. 

  

	3.2	 Subject to the terms and conditions hereof and the current PRC Laws, the Existing Shareholders irrevocably
grant the WFOE an exclusive right to request at any time the transfer of part or all of the equity interest of the Company from the Existing Shareholders to itself or its designated entity or individual. 

 

	3.3	 Subject to the terms and conditions hereof and the current PRC Laws, the Existing Shareholders irrevocably
grant the WFOE an exclusive right to request at any time the transfer of part or all of the Assets from the Company and the Subsidiaries to itself or its designated entity or individual. 

  
 6 

	3.4	 At each Exercise of the Equity Transfer Option, the WFOE has the right to determine the number of Transfer
Equity that the Existing Shareholders shall transfer to the WFOE and its designated entity or individual in the Exercise. The Existing Shareholders shall transfer the Transfer Equity respectively to the WFOE and its designated entity or individual
according to the number determined by the WFOE. The WFOE and its designated entity or individual shall pay the Transfer Price to the Existing Shareholders for the Transfer Equity they receive in each Exercise. 

 

	3.5	 At each Exercise of the Asset Purchase Option, the WFOE has the right to determine the specific Assets that the
Company shall transfer to the WFOE and its designated entity or individual in the Exercise. The Company shall transfer the Transfer Assets to the WFOE and its designated entity or individual according to the determination of the WFOE; if the WFOE
requires to exercise the Asset Purchase Option for the assets of the Subsidiaries, the Company shall procure the Subsidiaries to make relevant decisions and require the Subsidiaries to transfer the Transfer Assets to the WFOE and/or its designated
entity or individual according to the requirements of the WFOE in a manner permitted by PRC Laws. The WFOE and/or its designated entity or individual shall pay the Transfer Price to the asset transferors for the Transfer Assets they receive in each
Exercise 

  

	3.6	 At each Exercise, the WFOE may accept transfer of the Transfer Equity or the Transfer Assets itself, or may
designate a third party to accept transfer of part or all of the Transfer Equity or the Transfer Assets when PRC Laws do not allow the WFOE to be the transferee. 

 

	3.7	 When the WFOE decides to exercise its option, it shall send to the Existing Shareholders or the Company the
Equity Transfer Option Exercise Notice or the Asset Purchase Option Exercise Notice (each a “Exercise Notice”, in the form of Exhibit II and Exhibit III hereto). After receiving an Exercise Notice, the Existing Shareholders or the
Company shall transfer the Transfer Equity or the Transfer Assets wholly to the WFOE and/or its designated entity or individual immediately according to Article 3.4 or Article 3.5 hereof. 

Article 4 Transfer Price 
  

	4.1	 At each Exercise of the Equity Transfer Option, the entire Transfer Price payable by the WFOE and/or its
designated entity or individual to the shareholders shall be the minimum price permitted by the current PRC Laws. Each shareholder undertakes and agrees that it has been fully compensated by the WFOE, so it shall return the received Transfer Price
to the WFOE and/or its designated entity or individual in full within ten (10) working days after receiving the Transfer Price. 

  

	4.2	 At each Exercise of the Asset Purchase Option, the WFOE or its designated entity or individual shall pay the
asset transferor the minimum price permitted by the current PRC Laws. The Company undertakes and agrees that it has been fully compensated by the WFOE, so the asset transferor shall return the received Transfer Price to the WFOE and/or its
designated entity or individual in full within ten (10) working days after receiving the Transfer Price. 

  
 7 

 Article 5 Representations and Warranties 

 

	5.1	 The Existing Shareholders hereby represent and warrant that 

 

	 	5.1.1	 If the Existing Shareholders are natural persons, they are Chinese citizens with full capacity for conduct, and
if the Existing Shareholders are non-natural persons, they are duly incorporated and validly existing entities under PRC Laws; all Existing Shareholders have full and separate legal status and capacity to
execute, deliver and perform this Agreement, and can sue and be sued. 

  

	 	5.1.2	 The Company is a limited liability company duly incorporated and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued. The Company will not require the WFOE to share the losses of the Company and the Subsidiaries and/or
require the WFOE to provide financial support for the Company and the Subsidiaries in accordance with this Agreement. 

  

	 	5.1.3	 The Exiting Shareholders have full power and authority to execute, deliver and perform this Agreement and all
other documents relating to the transaction contemplated hereunder and to be executed, and have full power and authority to complete the transaction contemplated hereunder. 

 

	 	5.1.4	 This Agreement is legally and properly executed and delivered by the Existing Shareholders. This Agreement
constitutes their legal, effective and binding obligations, and is enforceable against them according to the terms hereof. 

  

	 	5.1.5	 The Existing Shareholders are the registered legal owner of the Option Equity when this Agreement becomes
effective, and there is not any lien, pledge, claim, security interest or third party’s rights over the Option Equity, except for the pledge created under the Equity Pledge Agreement concluded on the Execution Date hereof between the Company,
the WFOE and the Existing Shareholders, and the proxy created under the Proxy Agreement concluded on the Execution Date hereof. According to this Agreement, after Exercise the WFOE and/or its designated entity or individual will obtain good title to
the Transfer Equity free of any lien, pledge, claim, security interest or third party’s rights. 

  

	 	5.1.6	 To the knowledge of the Existing Shareholders, there is not any lien, mortgage, claim, security interest or
third party’s rights over the Assets. According to this Agreement, after Exercise the WFOE and/or its designated entity or individual will obtain good title to the Assets free of any lien, mortgage, claim, security interest or third
party’s rights. 

  

	 	5.1.7	 The Existing Shareholders shall not procure the Company to declare or distribute any distributable profit,
bonus or dividend; if the Existing Shareholders receive any profit, bonus or dividend from the Company, the Existing Shareholders shall, subject to the PRC Laws, give the profit, bonus or dividend (after deducting relevant taxes) to the WFOE or its
designated entity or individual in a timely manner. 

  
 8 

	 	5.1.8	 In case of death, incapability or loss of succession of subject qualification of the Existing Shareholders and
other circumstances that may affect their exercise of the Option Equity held by them, the successors of the Existing Shareholders will be deemed as the signatories of this Agreement and will inherit/assume all the rights and obligations of Existing
Shareholders hereunder. 

  

	5.2	 The Company hereby represents and warrants that 

 

	 	5.2.1	 The Company is a limited liability company duly incorporated and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued. The Company will not require the WFOE to share the losses of the Company and the Subsidiaries and/or
require the WFOE to provide financial support for the Company and the Subsidiaries in accordance with this Agreement. 

  

	 	5.2.2	 The Company has full internal corporate power and authority to execute, deliver and perform this Agreement and
all other documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	5.2.3	 This Agreement is legally and properly executed and delivered by the Company, and constitutes the legal and
binding obligations of the Company. 

  

	 	5.2.4	 There is not any lien, mortgage, claim, security interest or third party’s rights over the Assets.
According to this Agreement, when the WFOE issues a written notice, the Company and the Subsidiaries shall mortgage and/or pledge all their assets to the WFOE. After Exercise the WFOE and/or its designated entity or individual will obtain good title
to the Assets free of any lien, mortgage, claim, security interest or third party’s rights. 

  

	 	5.2.5	 The Company shall ensure that the senior management personnel and key technical personnel will be appointed and
removed as instructed by the WFOE. 

  

	 	5.2.6	 Unless required by the PRC Laws, the Company shall not declare or distribute any distributable profit, bonus or
dividend. 

  

	5.3	 The WFOE represents and warrants that 

 

	 	5.3.1	 It is a wholly foreign-owned enterprise duly incorporated and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued. 

  

	 	5.3.2	 It has full internal corporate power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

  
 9 

	 	5.3.3	 This Agreement is legally and properly executed and delivered by the WFOE, and constitutes its legal and
binding obligations. 

 Article 6 Undertakings of the Company and the Existing Shareholders 

 

	6.1	 The Company hereby undertakes that during the term of this Agreement, without the prior written consent of the
WFOE, it will not 

  

	 	6.1.1	 transfer or otherwise dispose of any equity of the Subsidiaries or create any security interest or third
party’s right over the equity of the Subsidiaries; 

  

	 	6.1.2	 sell, transfer, pledge or otherwise dispose of the Assets except for normal business activities;

  

	 	6.1.3	 terminate any agreements signed by the Company and the Subsidiaries, or enter into any other agreement
conflicting with the existing agreements except for normal business activities; 

  

	 	6.1.4	 take any action or behavior (including inaction) to affect the valid existing of the Company and the
Subsidiaries, nor take any act that may cause the Company and the Subsidiaries to terminate, liquidate or dissolve; 

  

	 	6.1.5	 provide loans to third parties, or provide any guarantee or other forms of security for debts of third parties;

  

	 	6.1.6	 engage in any transaction or behavior that may have Material Adverse Effect on the assets, rights, obligations
or operations of the Company or the Subsidiaries, or engage in any behavior or action that may have an adverse effect on the benefits of the WFOE hereunder. 

The Existing Shareholders hereby undertake that during the term of this Agreement, they shall, by exercising shareholders’ rights and
fulfilling shareholders’ obligations, ensure that the Company abides by and fulfills the obligations stipulated in this Article 6.1. 
  

	6.2	 During the term of this Agreement, the Company and the Existing Shareholders will use their best efforts to
develop the Company’s business and ensure the Company’s operation in compliance with laws and regulations, and will not take any act or inaction that may damage the Company’s Assets or goodwill or affect the validity of the
Company’s Business Licenses. 

  

	6.3	 During the term of this Agreement, the Company and the Existing Shareholders will promptly notify the WFOE any
circumstance that may have Material Adverse Effect on the existence, business, operation, finance, Assets or goodwill of the Company and the Subsidiaries, and promptly take all measures approved by the WFOE to exclude such circumstances or take
other valid remedial measures. 

  
 10 

	6.4	 When the Company is dissolved and liquidated in accordance with the PRC Laws, the Company and the Existing
Shareholders shall ensure that the remaining property of the Company (that is, the property remaining after paying liquidation expenses, wages of employees, social insurance expenditures and statutory compensation, taxes owed and paying off the
debts of the Company) is transferred to the WFOE or its designated entity or individual at the minimum price permitted by the PRC Laws, and such transfer shall be non-reciprocal. Within ten (10) working
days after receiving the Transfer Price, the Company and Existing Shareholders will return the received Transfer Price to the WFOE or its designated entity or individual in full. The Company and the Existing Shareholders shall ensure that the
transfer will not cause the WFOE to bear any obligations to the Existing Shareholders and their creditors and the Company and its creditors. 

When any of the Subsidiaries is dissolved and liquidated in accordance with the PRC Laws, the Company shall ensure that the remaining property
of the Subsidiary (i.e., the property remaining after paying liquidation expenses, wages of employees, social insurance expenditures and statutory compensation, taxes owed and paying off debts of the Subsidiary) is transferred to the WFOE or its
designated entity or individual at the minimum price permitted by the PRC Laws, and such transfer shall be non-reciprocal. Within ten (10) working days after receiving the Transfer Price, the Company will
return the received Transfer Price to the WFOE or its designated entity or individual in full. The Company shall ensure that the transfer will not cause the WFOE to bear any obligations to the Company and its creditors and the Subsidiary and their
creditors. 
  

	6.5	 In accordance with the terms and conditions of the Equity Pledge Agreement signed by the Company, the Existing
Shareholders and the WFOE on the Execution Date of this Agreement, the Existing Shareholders shall pledge the equity interest of the Company they hold to the WFOE to secure performance of obligations by the Company and the Existing Shareholders
hereunder. 

  

	6.6	 The Company shall provide all the information about the labor, operation and finance of the Company and the
Subsidiaries to the WFOE upon its request. 

  

	6.7	 The Company and the Existing Shareholders shall, to the best of their knowledge, immediately notify the WFOE of
any litigation, arbitration or administrative procedures concerning the Option Equity or Assets. 

  

	6.8	 If the WFOE’s Exercise of Equity Transfer Option and/or Asset Purchase Option is precluded by the failure
of the Company, the Subsidiaries and the Existing Shareholders to fulfill their tax obligations under applicable laws, the WFOE shall have the right to require the Company, the Subsidiaries and the Existing Shareholders to fulfill such tax
obligations, or require the Company, the Subsidiaries and the Existing Shareholders to pay such taxes to the WFOE for the WFOE to pay on their behalf. 

  

	6.9	 If the execution and performance of this Agreement and the grant of the Equity Transfer Option or the Asset
Purchase Option hereunder are subject to any consent, permission, waiver or authorization of any third party or the approval, permit, waiver, registration or filing (if required by law) of any government authority, the Company and the Existing
Shareholders will use their best effort to assist to meet the above conditions. 

  
 11 

 Article 7 Undertakings of the Existing Shareholders 

 

	7.1	 The Existing Shareholders hereby undertake that 

 

	 	7.1.1	 They will appoint and remove the directors and supervisors of the Company as instructed by the WFOE and/or by
the WFOE’s designated entity or individual if the PRC Laws do not allow the WFOE to make instructions, and ensure or cause the Company to appoint and remove senior management personnel and key technical personnel as instructed by the WFOE;

  

	 	7.1.2	 Without the prior written consent of the WFOE, they shall not procure the Company to declare or distribute any
distributable profit, bonus or dividend; 

  

	 	7.1.3	 Without the prior written consent of the WFOE, they will not put forward any shareholders’ proposal to
supplement, modify or revise the articles of association of the Company, nor will they vote in favor of such proposal at the shareholders’ meeting; 

  

	 	7.1.4	 Without the prior written consent of the WFOE, they will not put forward any shareholders’ proposal to
increase or decrease the Registered Capital, nor will they vote in favor of such proposal at the shareholders’ meeting; 

  

	 	7.1.5	 Without the prior written consent of the WFOE, they will not put forward any shareholders’ proposal that
the Company merges or associates with any other entity, or acquires or is acquired by any other entity, or invests in any other entity, nor will they vote in favor of such proposal at the shareholders’ meeting. 

 

	 	7.1.6	 In order to maintain their title to the Option Equity, they shall sign all necessary or appropriate documents,
take all necessary or appropriate actions and lodge all necessary or appropriate complaints or make necessary and appropriate defenses for all claims; 

  

	 	7.1.7	 Without the prior written consent of the WFOE, except for the rights and interests stipulated in the Equity
Pledge Agreement and the Proxy Agreement the Parties signed separately, any Option Equity shall not be transferred or disposed of in any other way, nor shall any security interest or any other third party’s rights be set on any Option Equity.

  

	7.2	 Once the WFOE issues the Exercise Notice, 

 

	 	7.2.1	 The Company shall immediately convene the shareholders’ meeting and/or the board meeting by itself
according to the articles of association, or procure the relevant authorities or personnel to convene shareholders’ meeting and/or the board meeting and to agree, through shareholders’ resolution and/or board resolution or taking of other
necessary actions, to the transfer of the whole Transfer Equity and Transfer Assets from the Existing Shareholders, the Company and the Subsidiaries to the WFOE and/or its designated entity or individual at the Transfer Price, and the waiver of any
preemptive rights (if any) they have; 

  

	 	7.2.2	 The Company will immediately sign the asset transfer agreement with the WFOE and/or its designated entity or
individual, transfer the whole Transfer Equity to the WFOE and/or its designated entity or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and executing all related legal documents, obtaining all
necessary government approvals and consents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its
designated entity or individual will obtain the whole Transfer Equity and become the registered owner of the Transfer Equity, and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Equity.

  
 12 

 Article 8 Confidentiality Obligations 

 

	8.1	 Each Party shall keep strict confidential the business secrets, proprietary information, client information and
other confidential information of the other Party obtained during the execution and performance of this Agreement (“Confidential Information”) regardless of whether this Agreement has terminated. The receiving Party shall not
disclose any Confidential Information to any third party, except upon prior written consent of the disclosing Party or as required by applicable laws and regulations or the rules of the jurisdiction where the affiliate of a Party is listed. The
receiving Party shall not use directly or indirectly any Confidential Information except for purpose of performing this Agreement. 

  

	8.2	 The Parties acknowledge that the following information is not Confidential Information: 

 

	 	(a)	 The information obtained by the receiving Party by legal means before the disclosure, which is evidenced by
written proof; 

  

	 	(b)	 The information that has entered public domain not through the fault of the receiving Party; or

  

	 	(c)	 The information obtained by the receiving Party legally through other channel after receiving the information
from the disclosing Party. 

  

	8.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or any engaged
professionals, provided that it shall ensure such persons to comply with relevant terms and conditions of this Agreement and shall assume any liability arising from the breach by such persons of relevant terms and conditions of this Agreement.

  

	8.4	 Notwithstanding any other provisions hereof, this Article 8 shall survive the termination of this Agreement.

 Article 9 Term and Termination of the Agreement 

 

	9.1	 This Agreement shall come into force on the date when the Parties properly sign it. 

 

	9.2	 This Agreement shall be terminated in case of one of the following circumstances: 

 

	 	9.2.1	 The whole Option Equity and Assets are transferred to the WFOE and/or its designated entity or individual
according to the provisions hereof; or 

  

	 	9.2.2	 The WFOE unilaterally requests to terminate this Agreement (the WFOE’s right to terminate this Agreement
is a right without any restrictive conditions, and this right only belongs to the WFOE, and the other Parties do not have the right to terminate this Agreement unilaterally). 

  
 13 

 Article 10 Notice 

 

	10.1	 Any notice, request, demand or other communication required by or made under this Agreement shall be in writing
and sent to relevant Parties. 

  

	10.2	 Where the above notice or other communication is sent by fax or telex, it will be deemed delivered when it is
sent. Where the above notice or other communication is sent by personal delivery, it will be deemed delivered when it is submitted in person. Where the above notice or other communication is sent by mail, it will be deemed delivered five
(5) days after it is posted. 

 Article 11 Liabilities for Breach of Contract 

 

	11.1	 The Parties agree and acknowledge that if any Party (“Breaching Party”) materially breaches
any covenant hereunder, or fails to materially perform or delays in performing any obligation hereunder, it will constitute a breach of this Agreement (“Breach”), and the other Parties
(“Non-breaching Party”) shall have the right to request the Breaching Party to correct or take remedial measures within a reasonable period. If the Breaching Party fails to do so within a
reasonable period or ten (10) days after the Non-breaching Party gives a written notice requesting correction, then: 

 

	 	11.1.1	 If the Existing Shareholders or the Company is the Breaching Party, the WFOE shall have the right to terminate
this Agreement and claim damages from the Breaching Party; 

  

	 	11.1.2	 If the WFOE is the Breaching Party, the Non-breaching Party shall have
the right to claim damages from the Breaching Party, unless otherwise provided by law, otherwise neither the Existing Shareholders nor the Company has any right to unilaterally terminate or rescind this Agreement under any circumstances.

  

	11.2	 Notwithstanding other provisions hereof, the validity of this Article shall survive the termination of this
Agreement. 

 Article 12 Force Majeure 
  

	12.1	 In case of earthquake, typhoon, flood, fire, war, policy, legal change and other unforeseeable or unavoidable
force majeure events that directly affect one Party’s performance of this Agreement or one Party’s performing this Agreement as agreed, the Party encountering the force majeure event shall immediately send a notice by fax, and, within
thirty (30) days, submit the details of the force majeure event and the supporting documents of the reasons why this Agreement cannot be performed or needs to be delayed. Such documents shall be issued by a notary office in the area where the
force majeure event occurs. The Party affected by the force majeure event shall take appropriate measures to reduce or eliminate the influence of the force majeure event, and shall make efforts to resume the performance of obligations delayed or
hindered by the force majeure event. The Parties shall decide whether the performance of this Agreement shall be partially exempted or postponed according to the influence of the force majeure event on the performance of this Agreement. Neither
Party shall be liable for compensation for the economic losses caused to the Parties by force majeure events. 

  
 14 

 Article 13 Miscellaneous 

 

	13.1	 This Agreement is made in Chinese. This Agreement is made in thirteen (13) counterparts, with each Party
holding one (1) counterpart, and the remaining counterparts maintained by the WFOE for later use. 

  

	13.2	 The conclusion, validity, performance, modification, interpretation and termination of this Agreement shall be
governed by the PRC Laws. 

  

	13.3	 Any dispute arising under or in connection with this Agreement shall be resolved by the Parties through
consultation. If the Parties fail to reach an agreement within thirty (30) days after the dispute arises, the dispute shall be submitted to Guangzhou Arbitration Commission for arbitration according to the arbitration rules of the Commission
effective at the time of submission. The arbitration shall be carried out in Guangzhou in Chinese, and the arbitral award is final and equally binding on the Parties. In case the Company and/or the Existing Shareholders are liable, the Arbitration
Commission has the right to make an award that the WFOE shall be compensated with the equity interest or Assets held by the Existing Shareholders, or the WFOE shall be provided with remedies of injunction (for example, necessary for conducting
business or forcibly transferring assets) or the Company shall be liquidated. In order to support the enforcement of the arbitral award, before submitting for arbitration, waiting for the formation of arbitration tribunal, before the Commission
makes an arbitral award or under other appropriate circumstances, the Parties hereto have the right to request provisional remedies from the courts where the WFOE is incorporated, where the Company is incorporated and where their assets are located,
Hong Kong courts and Cayman Islands courts, and the aforesaid courts shall have jurisdiction. 

  

	13.4	 Any rights, powers and remedies granted to each Party under any provision of this Agreement shall not preclude
any other rights, powers or remedies granted to the Party under Laws or other provisions hereof. No exercise by any Party of its rights, powers or remedies will preclude the exercise by the Party of other rights, powers or remedies.

  

	13.5	 No failure or delay to exercise by any Party of its rights, powers or remedies under this Agreement or laws
(“Such Rights”) will constitute waiver of Such Rights, and no single or partial waiver of Such Rights will preclude exercise by the Party of Such Rights in other way or of other rights. 

 

	13.6	 The headings hereof are inserted for reference only, and shall not be used for or affect the interpretation of
any provisions hereof. 

  

	13.7	 The provisions hereof are severable and independent from other provisions. If any or several provisions hereof
are decided invalid, illegal or unenforceable at any time, the validity, legality and enforceability of other provisions hereof shall not be affected. 

  
 15 

	13.8	 This Agreement, once signed, shall supersede any other legal documents signed by the Parties with respect to
the same subject matter. Any amendment or supplement to this Agreement must be made in written form. the WFOE shall have the right to decide to amend or supplement any provision of this Agreement at its own discretion according to the requirements
of relevant regulatory authorities or other considerations. Once the WFOE issues a written notice of amending or supplementing this Agreement, the other Parties shall sign the amended and supplemented agreement according to the WFOE’s
requirements. 

  

	13.9	 Without the prior written consent of the WFOE, the other Parties shall not transfer any of their rights and/or
obligations under this Agreement to any third party. If and only if PRC Laws do not allow the WFOE to be a party to this Agreement, the WFOE has the right to transfer any of its rights and/or obligations hereunder to a third party designated by it
after notifying the other Parties. Any such transfer shall include all rights and obligations of the WFOE hereunder, and the transferee shall be regarded as the original party of this Agreement. The other Parties shall, at the request of the WFOE,
sign all agreements and other documents required to complete the transfer. 

  

	13.10	 This Agreement shall bind the legal assigns and successors of the Parties. 

 

	13.11	 The Parties undertake that they will declare and pay the taxes involved in the transactions hereunder according
to law. 

 [The remainder of this page is intentionally left blank.] 

  
 16 

 IN WITNESS WHEREOF, this Exclusive Call Option Agreement is executed by the following Parties on the date
first written in this Agreement: 
  

			
	Purple Gas Was Shown Limited Partnership
	(Seal)

			
		
	By:	 	/s/ Li Cong

			
	Name: Li Cong

 Signature page of the Exclusive Call Option Agreement 

			
	Beijing Liangjun Ruize Management Center
	(Seal)

			
		
	By:	 	 /s/ Liang Jun

			
	 Name: Liang Jun

 Signature page of the Exclusive Call Option Agreement 

			
	Beijing Liangjun Hongze Management Center
	(Seal)

			
		
	By:	 	 /s/ Liang Jun

			
	 Name: Liang Jun

 Signature page of the Exclusive Call Option Agreement 

			
	Beijing Liangjun Junze Management Center
	(Seal)

			
		
	By:	 	 /s/ Liang Jun

			
	 Name: Liang Jun

 Signature page of the Exclusive Call Option Agreement 

			
	Beijing Liangjun Huize Management Center
	(Seal)

			
		
	By:	 	 /s/ Liang Jun

			
	 Name: Liang Jun

 Signature page of the Exclusive Call Option Agreement 

			
	Goldjet Logistics Group Co., Ltd.
	(Seal)

			
		
	By:	 	 /s/ Gao Jie

			
	 Name: Gao Jie

 Signature page of the Exclusive Call Option Agreement 

			
	Guangzhou Yilian Equity Investment Partnership (Limited Partnership)
	(Seal)

			
		
	By:	 	 /s/ Wang Shumin

			
	 Name: Wang Shumin

 Signature page of the Exclusive Call Option Agreement 

			
	Shenzhen Futian SAIF Dynamiques Equity Investment Fund Partnership (Limited Partnership)
	(Seal)

			
		
	By:	 	 /s/ Jin Fengchun

			
	 Name: Jin Fengchun

 Signature page of the Exclusive Call Option Agreement 

			
	 Xiamen SAIF Equity Investment Partnership (Limited Partnership)

	(Seal)

			
		
	By:	 	 /s/ Yan Yan

			
	 Name: Yan Yan

 Signature page of the Exclusive Call Option Agreement 

			
	 Hangzhou Xianfeng Qiyun Investment Limited Partnership

	(Seal)

			
		
	By:	 	 /s/ Wang Shiyu

			
	 Name: Wang Shiyu

 Signature page of the Exclusive Call Option Agreement 

			
	 Guangzhou Transasia Trading Co., Ltd.

	(Seal)

			
		
	By:	 	 /s/ Bai Pingsan

			
	 Name: Bai Pingsan

 Signature page of the Exclusive Call Option Agreement 

			
	 Guangzhou Onion Vogue Group Co., Ltd.

	(Seal)

			
		
	By:	 	 /s/ Bai Pingsan

			
	 Name: Bai Pingsan

 Signature page of the Exclusive Call Option Agreement 

 Exhibit I 

Basic Information of the Company 
  

			
	Company name	  	Guangzhou Onion Vogue Group Co., Ltd.
	Registered address	  	3-05-2, No.309, Middle Huangpu Avenue, Tianhe District, Guangzhou
	Registered capital	  	RMB 193,500,000
	Legal representative	  	Bai Pingsan

 Shareholding structure: 
  

													
	 Shareholder name
	  	Capital
contribution
(RMB ten
thousand)	 	 	Shareholding
structure	 	 	Uniform social
credit code	 
	 Purple Gas Was Shown Limited Partnership
	  	 	12298.0086	 	 	 	63.5556	% 	 	 	[***]	 
	 Hangzhou Xianfeng Qiyun Investment Limited Partnership
	  	 	2097.9657	 	 	 	10.8422	% 	 	 	[***]	 
	 Guangzhou Yilian Equity Investment Partnership (Limited Partnership)
	  	 	1258.7756	 	 	 	6.5053	% 	 	 	[***]	 
	 Xiamen SAIF Equity Investment Partnership (Limited Partnership)
	  	 	858.2693	 	 	 	4.4355	% 	 	 	[***]	 
	 Shenzhen Futian SAIF Dynamiques Equity Investment Fund Partnership (Limited Partnership)
	  	 	858.2693	 	 	 	4.4355	% 	 	 	[***]	 
	 Beijing Liangjun Ruize Management Center
	  	 	370.2816	 	 	 	1.9136	% 	 	 	[***]	 
	 Beijing Liangjun Huize Management Center
	  	 	374.0935	 	 	 	1.9333	% 	 	 	[***]	 
	 Beijing Liangjun Hongze Management Center
	  	 	193.0936	 	 	 	0.9979	% 	 	 	[***]	 
	 Beijing Liangjun Junze Management Center
	  	 	733.7907	 	 	 	3.7922	% 	 	 	[***]	 
	 Goldjet Logistics Group Co., Ltd
	  	 	307.4521	 	 	 	1.5889	% 	 	 	[***]	 
	 Total
	  	 	19,350	 	 	 	100	% 	 	 	—  	 

  
 Exhibit I 

 Exhibit II 

Form of Exercise Notice 

  
 Exhibit II 

 Exhibit III 

Form of Exercise Notice 

  
 Exhibit III

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