Document:

Operation and Management

 EXHIBIT 4.32 
 OPERATION AND MANAGEMENT AGREEMENT 
 This Operation and Management
Agreement (the “Agreement”) is entered into on November 29, 2011 in Shanghai, China among: 
 Party A: 

Acorn Information Technology (Shanghai) Co., Ltd. 
  

	 	

			
	 Legal Address:
	 	Room 669-05, No. 2 Building, No. 351 Guoshoujing Road, Zhangjiang High-tech Park, Shanghai
		
	 Legal Representative:
	 	Yang Dongjie

 Party B: 
  

			
	Shanghai Acorn Network Technology Development Co., Ltd. (“Acorn Network Technology)
		
	 Legal Address:
	 	Room A-46, No. 55, Lane 1135, Middle Jiasong Road, Huaxin Town, Qingpu District, Shanghai
		
	 Legal Representative:
	 	Yang Dongjie

 Party C: 

Yang Dongjie 
  

			
	 ID Card No.:
	 	140106196803232637
		
	 Address:
	 	Room 301, Apt 6, Building 1, No.5 North Jia Heping Li, Chaoyang District, Beijing
		 	

 Ge Weiguo 
  

			
	 ID Card No.:
	 	 320203196607100019

		
	 Address:
	 	Room 402, No. 24, Lane 1111, Donglan Road, Minhang District, Shanghai

 Party A, Party B and Party C are hereinafter collectively referred to as the “Parties” and individually as a
“Party.” 
 Whereas: 
  

	(1)	Party A is a wholly foreign owned enterprise established in China; 

  

	(2)	Party B is a limited liability company registered in China with an independent legal person status; 

  

					
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	(3)	Party A and Party B have established business relationship by entering into a Exclusive Technical Services Agreement (the “Service Agreement”);

  

	(4)	Party A and Party C have entered into a certain Equity Pledge Agreement (the “Equity Pledge Agreement”) to ensure Party B’s payment of the
technical service fee to Party A based on the Service Agreement; 

  

	(5)	Pursuant to the Service Agreement, Party B shall pay to Party A certain technical service fee. However, up to now, the technical service fee is still not yet paid and
the daily operation of Party B has a material effect on its ability to pay to Party A the technical service fee; 

  

	(6)	Party C constitutes the shareholders of Party B and has a 100% equity interest in Party B. Yang Dongjie and Ge Weiguo hold a 75% equity interest and a 25% equity
interest respectively in Acorn Network Technology. 

 NOW THEREFORE, in consideration of the foregoing premises and the mutual
agreements contained herein, the Parties hereby agree as follows: 
  

	1.	To ensure Party B’s daily operation and management, Party A agrees to provide guarantee for Party B’s obligations to a third party under any contract or
agreement entered into between Party B and a third party or other transactions at the request of a third party and then a guarantee agreement will be entered into. Party B agrees to provide counter-guarantee with its accounts receivable and its
assets in connection with the aforesaid Party A’s guarantee. 

  

	2.	As a condition precedent to Article 1 hereof and to ensure the performance of other operation agreements between Party A and Party B (for example, the payment of Party
B’s technical service fee), Party B and Party C (i.e., Party B’s shareholder) hereby agree that without the prior written consent of Party A, Party B shall not carry out any transaction which may materially affect its assets, obligations,
rights or operation or management, including, but not limited to: 

  

	 	(1)	borrow money from or assume debt for any third party; 

  

	 	(2)	purchase or sell any assets or rights or interests from or to any third party, including, but not limited to, any intellectual property rights;

  

	 	(3)	provide any third party with guarantee interest in Party B’s assets or intellectual property rights; 

 

	 	(4)	transfer to any third party any agreement with respect to Party B’s business. 

 

	3.	To ensure the performance of other operation agreements between Party A and Party B (for example, the payment of Party B’s technical service fee), Party B and
Party C (i.e., Party B’s shareholder) hereby agree to accept company policies and guidance provided by Party A from time to time with respect to Party B’s employment and dismissal of employees, daily operation and management and financial
management policies. 

  

	4.	 Party B and Party C (i.e., Party B’s shareholder) hereby agree that: (1) the persons appointed by Party A or its affiliates will attend and
exercise the voting right at the meeting of shareholder of Party B on behalf of Party C (i.e., Party B’s shareholder); (2)

  

					
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Party B and Party C will appoint candidates nominated by Party A or its affiliates (including SB Asia Investment Fund II, L.P.) as Party B’s directors and undertake that the constitution of
the board of directors of Party B and the directors’ rights shall be in consistency with those of the board of directors of Party A; (3) Party B will appoint persons employed and designated by Party A as Party B’s general manager and
other senior management persons; (4) Party B and Party C will amend Party B’s articles of association in accordance with the above agreement. If such candidates as nominated by Party A or its affiliate no longer act as a director of Party
A or its affiliate or are no longer employed by Party A or its affiliate, whether they are voluntarily resigned or dismissed by Party A, they will accordingly no longer hold any positions in Party B. In such case, Party B shall appoint other
management persons employed or designated by Party A. 

  

	5.	Party B and Party C (i.e., Party B’s shareholder) hereby agree and acknowledge that, in addition to relevant provisions in Article 1 hereof, if Party B needs to
fulfill any guarantee or needs any guarantee for its working capital to be borrowed during its operation, Party B shall first apply to Party A for such guarantee. In such case, Party A shall have the right but no obligation to provide Party B with
proper guarantee. If Party A does not provide such guarantee, it shall promptly send a written notice to Party B for Party B’s seeking guarantee from a third party. If Party A is willing to provide guarantee, Party A will enter into a contract
with Party B or the parties may otherwise enter into a guarantee agreement. Party A’s warrant hereunder does not by itself constitute Party A’s obligation to act as a guarantor under any guarantee agreement which has not yet been signed by
Party A. 

  

	6.	If any of the agreements between Party A and Party B is expired or terminated, Party A shall have the right but no obligation to terminate all of the agreements between
Party A and Party B, including but not limited to the Service Agreement. 

  

	7.	This Agreement may be amended or supplemented only by agreement in writing executed by each of the Parties. Any such amendment or supplement is an integral part of this
Agreement with the same force and effect as this Agreement. 

  

	8.	Unless there is a written notice regarding change of address, all notices relating to this Agreement shall be addressed to the following address and delivered by
personal delivery, fax or registered mail. If notice is given through registered mail, the date on the confirmation slip shall be deemed the date of delivery. If notice is given by personal delivery or via fax, the date of actual receipt shall be
deemed the date of delivery. In the case of delivery via fax, the original copy of the notice shall be sent to the following relevant address by personal delivery or by registered mail. 

 

			
	 Party A:
	 	Acorn Information Technology (Shanghai) Co., Ltd.
		
	 Address:
	 	Room 669-05, No. 2 Building, No. 351 Guoshoujing Road, Zhangjiang High-tech Park, Shanghai
		
	 Party B:
	 	Shanghai Acorn Network Technology Development Co., Ltd.
		
	 Address:
	 	Room A-46, No. 55, Lane 1135, Middle Jiasong Road, Huaxin Town, Qingpu District, Shanghai

  

					
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 Party C: 
 Yang Dongjie 
  

	Address:    Room	301, Apt 6, Building 1, No.5 North Jia Heping Li, Chaoyang District, Beijing 

 Ge Weiguo 
  

	Address:	    Room 402, No. 24, Lane 1111, Donglan Road, Minhang District, Shanghai 

 

	9.	The validity, interpretation, performance and settlement of disputes under this Agreement shall all be governed by the laws of the People’s Republic of China.

  

	10.	Disputes arising out of or in connection with this Agreement shall first be resolved through consultation among the Parties. If a dispute can not be resolved within 30
days after consultation begins, any Party may bring the dispute to the China International Economic and Trade Arbitration Commission in Beijing for arbitration under the auspices of three arbitrators designated in accordance with its rules. The
arbitration award shall be final and binding upon the Parties. 

  

	11.	This Agreement shall be concluded after it is signed or affixed seals by the Parties. The Parties agree that this Agreement shall take effect as of January 22,
2005. During the valid existence of Party A and Party B hereunder, unless this Agreement is early terminated in accordance with its relevant provisions herein, this Agreement shall continue to be valid for ten years from the effective date hereof.
The term of this Agreement shall be automatically extended for another ten years except Party A may terminate this Agreement in writing three months before its expiration. 

 

	12.	Any successor to a Party hereto shall assume the rights and obligations of such Party hereunder as if it were a Party to this Agreement. 

 

	13.	This Agreement is executed in four original copies, with one for each of the Parties. The Parties may execute more counterparts if necessary. 

 

	14.	This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof, and supersedes all oral and written understandings and
agreements among the Parties with respect to the subject matter prior the effective date of this Agreement. This Agreement shall not be amended without the consent of Party A’s auditing committee or other independent institution of its board of
directors. 

 [The remainder of this page is left intentionally blank] 

  

					
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 (This is the signature page, which does not contain any part of the text of this Agreement) 

Acorn Information Technology (Shanghai) Co., Ltd. (Corporate Seal) 
 Legal Representative: Yang Dongjie (Signature) 
  

			
	  
 
	 Legal Representative:
	 	  

		
	Yang Dongjie (Signature)	 	
		
	Ge Weiguo (Signature)	 	

  

					
		 	5Equity Pledge Agreement

 EXHIBIT 4.33 
 Equity Pledge Agreement 
 This Equity Pledge Agreement (hereinafter
referred to as “this Agreement”) is entered into on November 29, 2011 in Shanghai, the People’s Republic of China (hereinafter referred to as the “PRC”) by and between the following parties: 

Party A: The Pledgee hereunder 
                 Acorn Information Technology (Shanghai) Co., Ltd. 
                 The legal address: Suite 669-05, Building No. 2, 351 Guo Shoujing Road, Zhangjiang Hi-Tech Park, Shanghai

                 The legal representative: Yang Dongjie 

Party B: The Pledger hereunder 
                 Yang Dongjie 
                 The number of the ID card: 140106196803232637 

                The domicile address: Room
301, Apt 6, Building 1, No.5 North Jia Heping Li, Chaoyang District, Beijing and 

                Ge Weiguo 

                The number of the ID card:
320203196607100019 
                
The domicile address: Room 402, No. 24, Lane 1111, Donglan Road, Minhang District, Shanghai 
 Party A and Party B shall be
hereinafter referred to collectively as the “Parties” and individually as a “Party”. 
 Whereas:

  

	 	(1)	Party A is a wholly foreign-owned enterprise duly organized and validly existing under the laws of the People’s Republic of China, which has the status of an
independent legal person and is engaged mainly in development of computer software and hardware, information technology data processing, and technology consultancy services; 

 

	 	(2)	Party B is Yang Dongjie and Ge Weiguo, shareholders of Shanghai Acorn Network Technology Development Co., Ltd. (“Acorn Network Technology”), who hold 75% and
25% of the equity interest in Acorn Network Technology, respectively; 

  

					
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	 	(3)	Party A and Acorn Network Technology entered into a certain Exclusive Technology Services Agreement (hereinafter referred to as the “Services
Agreement”) on March 20, 2006, and the Parties know the contents of that agreement and have a thorough understanding of its meaning; 

  

	 	(4)	Party B agrees to pledge to Party A all the equity interest it holds in Acorn Network Technology as security for the payment by Acorn Network Technology of the fee for
the services Party A shall provide under the Services Agreement; 

  

	 	(5)	The Parties entered into a certain Loan Agreement (hereinafter referred to as the “Loan Agreement”) on November 29, 2011 and a certain Operation and
Management Agreement (hereinafter referred to as the “Management Agreement”) on November 29, 2011. Party B shall pledge all the equity interest it holds in Acorn Network Technology to Party A as security for Party B’s
performance of its obligations under the Loan Agreement and the Management Agreement in addition to security for the payment by Acorn Network Technology of the fee for the services Party A shall provide under the Services Agreement.

 In consideration of the premises as set forth above as well as the mutual undertakings as set forth below, the
Parties hereby agree to the following: 
  

	Article 1	Pledge of Equity Interest 

  

	 	(1)	Party B agrees to pledge to Party A all the equity interest it holds in Acorn Network Technology. 

 

	 	(2)	If Party B proposes to pledge to any third party the equity interest it holds in Acorn Network Technology, it shall provide such third party with all the true
information on such equity pledge and such third party shall automatically inherit all the rights and obligations thereunder. 

  

	Article 2	Delivery and Custody of the Equity Interest to Be Pledged Hereunder 

 

	 	(1)	Within seven business days of execution hereof, Party B shall hand over the certificates in evidence of its investment in the equity interest of Acorn Network
Technology and the shareholders’ register of Acorn Network Technology it holds to Party A for its keeping. 

  

	 	(2)	During the term of the equity pledge hereunder, any income that may be derived from such equity interest shall belong to Party A. 

 

	Article 3	Party B’s Representations and Warranties 

  

	 	(1)	Party B has fully performed its obligation to make a capital contribution to Acorn Network Technology in accordance with the Company Law of the People’s
Republic of China and the articles of association of Acorn Network Technology and it is the lawful owner of the equity interest to be pledged hereunder. 

  

					
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	 	(2)	No third party shall interfere in Party A’s exercise of the pledge right hereunder. 

 

	 	(3)	Party A shall have the right to dispose of or transfer the equity interest to be pledged hereunder in accordance with the provisions hereof. 

 

	 	(4)	Apart from the pledge hereunder, Party B has not created any other pledge or encumbrance on the equity interest to be pledged hereunder. 

 

	Article 4	Party B’s Undertakings 

 For Party A’s benefit, Party B undertakes that, during the term hereof, 
  

	 	(1)	without Party A’s previous written consent, it shall not transfer the equity interest to be pledged hereunder or create any other pledge or encumbrance on such
equity interest; 

  

	 	(2)	within seven business days of execution hereof, it shall complete the procedure for registration of this Agreement and the pledge of the equity interest hereunder with
the authority in charge of industrial and commercial administration and any other competent authority with which Acorn Network Technology registered its establishment; 

 

	 	(3)	it shall comply with all the laws and regulations applicable to the pledge of the equity interest hereunder and, within five days of receipt of any notice, order or
suggestion the relevant authorities issue or make, forward such notice, order or suggestion to Party A and comply with them at Party A’s reasonable request; 

 

	 	(4)	If there occurs any such event as has adversely affected, or will adversely affect, Party A’s pledge right or any of Party B’s warranties or other obligations
hereunder, it shall promptly notify Party A of such occurrence; 

  

	 	(5)	it has not taken or, without Party A’s written consent, will not take any action that will adversely affect the status of Party B’s assets, such as raising of
loans, provision of security, or purchase or sale of any major assets; 

  

	 	(6)	none of Party B or any of its successors or representatives or any other third party will interfere in, or cause any damage to, the pledge of the equity interest to
Party A hereunder; and 

  

	 	(7)	it will comply with and perform all of its warranties, undertakings, agreements and representations hereunder and the provisions hereof. If Party B violates, or fails
fully to perform, any of the provisions hereof, Party A shall have the right to require that Party B compensate it for any losses it may suffer as a result. 

  

					
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	Article 5	Realization of the Pledge Right 

  

	 	(1)	Without Party A’s previous written consent, Party B shall not transfer the equity interest to be pledged hereunder before Acorn Network Technology has paid in full
the fee for the technical services under the Services Agreement within a reasonable time limit and Party B has performed its obligations under the Loan Agreement and the Management Agreement. 

 

	 	(2)	Party A shall notify Party B in writing of its exercise of the pledge right hereunder; 

 

	 	(3)	If, during the term of the pledge hereunder, Acorn Network Technology fails to pay all or part of the fee for the technical services under the Services Agreement within
a reasonable time limit as specified therein or Party B fails to perform its obligations under the Loan Agreement and the Management Agreement in the time limits as specified therein, Party A shall have the priority to be compensated with the money
into which the equity interest to be pledged hereunder will be converted or with the proceeds from the auction or sale of such equity interest in accordance with the provisions hereof. 

 

	 	(4)	Party B shall not obstruct Party A from exercising the pledge right in accordance with the provisions of the preceding paragraph. Instead, Party B shall extend active
cooperation and assistance to Party A in exercising such right to ensure that it will succeed in realizing such right. 

  

	Article 6	Transfer 

  

	 	(1)	Without Party A’s previous consent, Party B shall have no right to transfer the rights or obligations hereunder to any third party or authorize any third party to
assume the rights or obligations hereunder on its behalf. 

  

	 	(2)	Party A shall have the right to transfer all or part of the rights and obligations under the Services Agreement to any third party (either a natural person or legal
person) at any time, in which case, such third party shall assume the rights and obligations hereunder as if it were a Party hereto. At Party A’s request, Party B shall execute an agreement and/or documents in connection with the aforesaid
transfer. 

  

	Article 7	Effectiveness and Term of this Agreement 

  

	 	(1)	This Agreement shall formally become effective after the Parties have affixed their signatures or seals hereto. The Parties agree that this Agreement will become
effective as of November 29, 2011. 

  

	 	(2)	 The term of the pledge of the equity interest hereunder shall be 10 years, starting from the effective date hereof. The term of this Agreement shall
automatically be 

  

					
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extended for 10 years upon expiration of such term, unless Party A notifies Party B in writing of its intention to terminate this Agreement in the three months prior to the expiration of the term
of this Agreement. 

  

	Article 8	Liability for Breach of Contract 

  

	 	(1)	If any of the following events occurs, such an event shall be deemed to be a breach of this Agreement: 

 

	 	a.	Acorn Network Technology fails to pay in full the fee for the technology services under the exclusive Services Agreement within a reasonable time limit as specified
therein; 

  

	 	b.	Party B fails fully to perform its obligations under the Loan Agreement; 

  

	 	c.	Any of the representations or warranties Party B makes in Article 3 hereof proves to be inconsistent with any of the major facts or false and/or Party B is out of
compliance with any of the warranties it makes in Article 3 hereof; 

  

	 	d.	Party B is out of compliance with any of the undertakings it makes in Article 4 hereof; 

 

	 	e.	Party B is in violation of any of the provisions hereof; 

  

	 	f.	Without Party A’s previous written consent, Party B has relinquished or transferred the equity interest that has been pledged hereunder; 

 

	 	g.	In the case that Party B has got any loan from a third party or provided any guaranty for a third party, is required to pay any compensation to a third party, has made
an undertaking to a third party, or is under any other liability to a third party, 

  

	 	(i)	Party B is required to repay such loan, perform such guaranty or undertaking, pay such compensation, or discharge such liability ahead of time; or

  

	 	(ii)	Party B is unable to discharge any of the aforesaid liabilities when it becomes due so that Party A believes that Party B’s capacity to perform this Agreement is
adversely affected as a result; 

  

	 	h.	Party B is unable to repay its general debts or any other debts; 

  

	 	i.	Any new laws or regulations have been promulgated that have rendered this Agreement illegal or Party B unable to continue to perform its obligations hereunder;

  

					
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	 	j.	All the approvals, licenses, consents or authorizations of the government authorities that have made this Agreement performable and effective are revoked, terminated,
have become invalid, or have been substantially modified; 

  

	 	k.	Any adverse change has occurred to the assets under Party B’s ownership so that Party A believes that Party B’s capacity to perform this Agreement is
adversely affected as a result; 

  

	 	l.	The successor to, or manager of, Acorn Network Technology can only perform part of the obligation to pay the fee under the Services Agreement or refuses to perform such
obligation; or 

  

	 	m.	There occurs any other event in which Party A cannot exercise the pledge right hereunder. 

 

	 	(2)	As soon as Party B is informed, or has become aware, that any of the events as described in the preceding paragraph is likely to occur, it shall notify Party A in
writing of such likelihood. Except as any of the breaches of contract as described in the preceding paragraph has been successfully remedied to Party A’s satisfaction, at the time of such occurrence or any time thereafter, Party A may serve a
notice of such breach on Party B and dispose of the equity interest to be pledged hereunder in accordance with the provisions of Article 5 hereof. 

  

	 	(3)	If either Party is in breach of any of the provisions hereof, the breaching party shall be liable to the non-breaching party for breach of contract and compensate the
non-breaching party for any losses it may suffer as a result of such breach. The non-breaching party may grant the breaching party a certain period of grace, in which the breaching party shall be required to remedy such breach.

  

	 	(4)	If the breaching party fails to take any remedial measures within a reasonable period of grace, the non-breaching party shall have the right to terminate this Agreement
and require that the breaching party compensate it for any actual losses it may suffer as a result, including but not limited to all the reasonable expenses the non-breaching party may incur in connection with the execution and performance hereof
(including expenses and costs incurred in connection with the engagement of the various intermediary agencies), provided, however, that such compensation shall not exceed losses that, at the time of execution hereof, the breaching party foresaw or
should have reasonably foreseen its breach hereof might cause to the other Party. 

  

	Article 9	Governing Law and Settlement of Disputes 

  

	 	(1)	The validity, interpretation and performance hereof and settlement of disputes hereunder shall be governed by the laws of the People’s Republic of China.

  

					
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	 	(2)	If any dispute arises out of the performance of this Agreement or in connection with this Agreement, the Parties shall settle such dispute through consultation. If such
dispute fails to be settled though consultation within 30 days, either Party may submit it to the China International Economic and Trade Arbitration Commission in Beijing for settlement by arbitration by three arbitrators appointed by this
commission in accordance with its rules. The award of the arbitration tribunal shall be final and binding on both of the Parties. 

  

	Article 10	Notices 

 Notices
relating to this Agreement shall be delivered to the following addresses by hand or sent by facsimile or registered mail except as any of such addresses is changed by a written notice. If sent by registered mail, a notice shall be deemed given on
the date indicated on the return receipt for registered mail; if delivered by hand or sent by facsimile, a notice shall be deemed given on the date it is received. If a notice is sent by facsimile to any of the following addresses, the original of
such notice shall promptly be delivered by hand or sent by registered mail to such notice: 
 If to Acorn Information Technology
(Shanghai) Co., Ltd. 
 The address: Suite 669-05, Building No. 2, 351 Guo Shoujing Road, Zhangjiang Hi-Tech Park, Shanghai

 If to Yang Dongjie 
 The address: Room 301, Apt 6, Building 1, No.5 North Jia Heping Li, Chaoyang District, Beijing 
 If to Ge Weiguo 
 The address: Room 402, No. 24, Lane 1111, Donglan Road,
Minhang District, Shanghai 
  

	Article 11	Miscellaneous 

  

	 	(1)	Within seven days after the effective date hereof, the Parties hereto shall carry out the procedure for registration of the pledge of the equity interest hereunder with
the authority in charge of industrial and commercial administration (if necessary). 

  

	 	(2)	Expenses that may be incurred in connection with the execution and performance hereof, including but not limited to legal fees and the fee for registration of the
pledge of the equity interest hereunder, shall be borne by Party B. 

  

	 	(3)	Neither Party shall unilaterally make any modification or amendment in this Agreement without mutual agreement of both parties. 

 

	 	(4)	This Agreement is executed in three originals, one of which shall be kept by each of the Parties hereto. The Parties hereto may execute duplicates of this Agreement
separately when necessary. 

  

	 	(5)	This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all oral or written understandings and
agreements the Parties reached with respect to such subject matter before this Agreement becomes effective. This Agreement shall not be amended without approval of Party A’s audit committee or any other independent agency under Party A’s
board of directors. 

  

					
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 [This is the signature page of this Agreement, which does not contain any text of this Agreement]

 Acorn Information Technology (Shanghai) Co., Ltd. 

The legal representative: Yang Dongjie (Signature) 

Yang Dongjie (Signature) 
 Ge Weiguo (Signature) 

  

					
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