Document:

EX-4.39

 Exhibit 4.39 

THE SYMBOL “[    ]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT
BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL 
 Exclusive Business
Cooperation Agreement 
 This Exclusive Business Cooperation Agreement (this “Agreement”) is entered into by and between the
following parties on Nov. 19, 2021 in Shenzhen, the People’s Republic of China (“China” or the “PRC”). 
  

			
	Party A:	  	Tencent Music (Beijing) Co., Ltd., a wholly foreign-owned enterprise, organized and existing under the laws of the PRC, with its address at Room 303, 3rd Floor of 101, -2nd to 8th
Floor, No.7 Building, East Tianchen Road, Chaoyang District, Beijing;
		
	Party B:	  	Shenzhen Ultimate Music Culture and Technology Co., Ltd., a limited liability company, organized and existing under the laws of the PRC, with its address at Room 201E, BAK Technology Building, No. 9 Keyan Road, Maling
Community, Yuehai Street, Nanshan District, Shenzhen.

 Each of Party A and Party B shall be hereinafter referred to as a “Party” respectively, and as the
“Parties” collectively. 
 Whereas, 
  

	1.	 Party A is a wholly foreign owned enterprise established in China, which has necessary resources to provide
computer software technology development, technical training, copyright agency services and organization of cultural and artistic exchange activities; 

  

	2.	 Party B is a company established in China with exclusively domestic capital and is permitted to engage in
“general business activities: music software, computer software and hardware, computer network information system technology development; domestic trade; ticketing agency; e-commerce; advertising business
(except for those prohibited by laws, administrative regulations, and decisions of the State Council, and restricted activities can only be engaged in after obtaining license therefor); licensed business activities: telecommunications business
operations, commercial Internet information services”. The businesses conducted by Party B currently and any time during the term of this Agreement are collectively referred to as the “Main Business”; 

 

	3.	 Party A is willing to provide Party B with information consulting services and other services in relation to
the Main Business during the term of this Agreement, utilizing its advantages in human resources and information. Party B is willing to accept such services provided by Party A or Party A’s designee(s), each on the terms set forth herein.

 Now, therefore, through mutual discussion, the Parties have reached the following agreements: 

 

	1.	 Services Provided by Party A 

 

	 	1.1	 Party B hereby appoints Party A as Party B’s exclusive services provider to provide Party B with
comprehensive information consulting services and other services during the term of this Agreement, in accordance with the terms and conditions of this Agreement, including but not limited to the follows: 

  
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	 	(1)	 Licensing Party B to use any software (if any) legally owned by Party A and providing software maintenance and
updating services for Party B; 

  

	 	(2)	 Technical support and training for employees of Party B; 

 

	 	(3)	 Providing services in related to consultancy, collection and research of project investment for Party B
(excluding market research business that wholly foreign-owned enterprises are prohibited from conducting under PRC laws); 

  

	 	(4)	 Providing consultation services in economic information, business information, technology information, and
business management consultation for Party B; 

  

	 	(5)	 Providing marketing and promotion and corporate image planning services for Party B; 

 

	 	(6)	 Leasing of equipment or properties; and 

 

	 	(7)	 Other services requested by Party B from time to time to the extent permitted under PRC law.

  

	 	1.2	 Party B agrees to accept such services provided by Party A. Party B further agrees that unless with Party
A’s prior written consent, during the term of this Agreement, Party B shall not directly or indirectly accept the same or any similar services provided by any third party and shall not establish similar corporation relationship with any third
party regarding the matters contemplated by this Agreement. Party A may designate other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party B with relevant services as set forth in this
Agreement. 

  

	 	1.3	 Ways of Service Provision 

 

	 	1.3.1	 Party A and Party B agree that during the term of this Agreement, as applicable, Party B may enter into further
service agreements with Party A or any other party designated by Party A, which shall provide the specific contents, manner, personnel, and fees for the specific services. 

 

	 	1.3.2	 To fulfill this Agreement, Party A and Party B agree that during the term of this Agreement, as applicable,
Party B may, at any time, enter into equipment or property lease agreement with Party A or any other party designated by Party A, which shall permit Party B to use Party A’s relevant equipment or property based on the needs of the business of
Party B. 

  
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	 	1.3.3	 Party B hereby grants to Party A an irrevocable and exclusive option to purchase from Party B, to the extent
permitted under PRC laws and at Party A’s sole discretion, any or all of the assets and business of Party B, at the minimum purchase price permitted by PRC laws. The Parties shall then enter into a separate assets or business transfer
agreement, specifying the terms and conditions of the transfer of the assets. 

  

	2.	 Service Fees and Payment 

 

	 	2.1	 The fees payable by Party B to Party A during the term of this Agreement shall be calculated as follows:

  

	 	2.1.1	 Party B shall pay service fee to Party A monthly. The service fee for each month shall consist of management
fee and services provision fee, which shall be determined by the Parties through negotiation in consideration of: 

  

	 	(1)	 complexity and difficulty of the services provided by Party A; 

 

	 	(2)	 title of and time consumed by employees of Party A providing the services; 

 

	 	(3)	 contents and business value of the services provided by Party A; 

 

	 	(4)	 market price of the same type of services; 

 

	 	(5)	 operation conditions of the Party B. 

 

	 	2.1.2	 If Party A transfers technology to Party B or develops software or other technology as entrusted by Party B or
leases equipment or properties to Party B, the technology transfer price, development fees or rental fees shall be determined by the Parties based on the actual situations. 

 

	3.	 Intellectual Property Rights and Confidentiality Clauses 

 

	 	3.1	 Party A shall have exclusive and proprietary ownership, rights and interests in any and all intellectual
properties arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications, software, technical secrets, trade secrets and others. Party B shall execute all appropriate
documents, take all appropriate actions, submit all filings and/or applications, render all appropriate assistance and otherwise conduct whatever is necessary as deemed by Party A at its sole discretion for the purposes of vesting any ownership,
right or interest of any such intellectual property rights in Party A, and/or perfecting the protections for any such intellectual property rights in Party A. 

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

  

	4.	 Representations and Warranties 

 

	 	4.1	 Party A hereby represents, warrants and covenants as follows: 

 

	 	4.1.1	 Party A is a wholly foreign owned enterprise legally established and validly existing in accordance with the
laws of the PRC. Party A or the service providers designated by Party A will obtain all government permits and licenses for providing the service under this Agreement before providing such services. 

 

	 	4.1.2	 Party A has taken all necessary corporate actions, obtained all necessary authorizations as well as all
consents and approvals from third parties and government authorities (if required) for the execution, delivery and performance of this Agreement. Party A’s execution, delivery and performance of this Agreement do not violate any explicit
requirements under any law or regulation. 

  

	 	4.1.3	 This Agreement constitutes Party A’s legal, valid and binding obligations, and shall be enforceable
against it in accordance with its terms. 

  
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	 	4.2	 Party B hereby represents, warrants and covenants as follows: 

 

	 	4.2.1	 Party B is a company legally established and validly existing in accordance with the laws of the PRC and has
obtained and will maintain all permits and licenses for engaging in the Main Business. 

  

	 	4.2.2	 Party B has taken all necessary corporate actions, obtained all necessary authorizations as well as all
consents and approvals from third parties and government agencies (if required) for the execution, delivery and performance of this Agreement. Party B’s execution, delivery and performance of this Agreement do not violate any explicit
requirements under any law or regulation. 

  

	 	4.2.3	 This Agreement constitutes Party B’s legal, valid and binding obligations, and shall be enforceable
against it in accordance with its terms. 

  

	5.	 Term of Agreement 

 

	 	5.1	 This Agreement shall become effective upon execution by the Parties. Unless terminated in accordance with the
provisions of this Agreement or terminated in writing by Party A, this Agreement shall remain effective. 

  

	 	5.2	 During the term of this Agreement, each Party shall renew its operation term in a timely manner prior to the
expiration thereof so as to enable this Agreement to remain effective. This Agreement shall be terminated upon the expiration of the operation term of a Party if the application for renewal of its operation term is not approved by relevant
government authorities. 

  

	 	5.3	 The rights and obligations of the Parties under Sections 3, 6, 7 and this Section 5.3 shall survive the
termination of this Agreement. 

  

	6.	 Governing Law and Disputes Resolution 

 

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

  

	 	6.2	 In the event of any dispute with respect to the construction and performance of this Agreement, the Parties
shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s written request to the other Party for resolution of the dispute through
negotiations, either Party may submit the relevant dispute to South China International Economic and Trade Arbitration Commission for arbitration, in accordance with its arbitration rules. The arbitration shall be conducted in Shenzhen, and the
arbitration award shall be final and binding to all Parties. Each Party has the right to apply for enforcement of an arbitral award to a court of competent jurisdiction (including a Chinese court). 

  
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	 	6.3	 The Parties agree that the arbitration tribunal or the arbitrator may grant any remedies in accordance with the
provisions of this Agreement and applicable PRC laws, including preliminary and permanent injunctive relief (such as injunction against carrying out business activities, or mandating the transfer of assets), specific performance of contractual
obligations, remedies concerning the equity interest or land assets of Party B and awards directing Party B to conduct liquidation. 

  

	 	6.4	 To the extent permitted by PRC laws, when awaiting the formation of the arbitration tribunal or otherwise under
appropriate conditions, either Party may seek preliminary injunctive relief or other interlocutory remedies from a court with competent jurisdiction to facilitate the arbitration. Without violating the applicable governing laws, the Parties agree
that the courts of Hong Kong, Cayman Islands, China and the place where the main assets of Party Aare located shall all be deemed to have competent jurisdiction. 

 

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

 

	7.	 Breach of Agreement and Indemnification 

 

	 	7.1	 If Party B conducts any material breach of any term of this Agreement, Party A shall have right to terminate
this Agreement and/or require Party B to indemnify all damages. This Section 7.1 shall not prejudice any other rights of Party A herein. 

  

	 	7.2	 Unless otherwise required by applicable laws, Party B shall not have any right to terminate this Agreement in
any event. 

  

	 	7.3	 Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses caused by
any lawsuit, claims or other demands against Party A arising from or caused by the services provided by Party A to Party B pursuant this Agreement, except where such losses, injuries, obligations or expenses arise from the gross negligence or
willful misconduct of Party A. 

  

	8.	 Force Majeure 

 

	 	8.1	 In the case of any force majeure events (“Force Majeure”) such as earthquake, typhoon, flood, fire,
flu, war, strikes or any other events that cannot be predicted and are unpreventable and unavoidable by the affected Party, which directly causes the failure of either Party to perform or completely perform this Agreement, then the Party affected by
such Force Majeure shall not take any responsibility for such failure, however it shall give the other Party written notices without any delay, and shall provide details of such event within 15 days after sending out such notice, explaining the
reasons for such failure of, partial or delay of performance. 

  
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	 	8.2	 If such Party claiming Force Majeure fails to notify the other Party and furnish it with proof pursuant to the
above provision, such Party shall not be excused from the non-performance of its obligations hereunder. The Party so affected by the event of Force Majeure shall use reasonable efforts to minimize the
consequences of such Force Majeure and to promptly resume performance hereunder whenever the causes of such excuse are cured. Should the Party so affected by the event of Force Majeure fail to resume performance hereunder when the causes of such
excuse are cured, such Party shall be liable to the other Party. 

  

	 	8.3	 In the event of Force Majeure, the Parties shall immediately consult with each other to find an equitable
solution and shall use all reasonable efforts to reduce the consequences of such Force Majeure. 

  

	9.	 Notices 

  

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

  

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

  

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

  

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

 

					
	                	  	Party A:	  	Tencent Music (Beijing) Co., Ltd.
		  	Address:	  	5th Floor, South District, Office Building, China National Convention Center, No. 7 Tianchen East Road, Chaoyang District, Beijing
		  	Attn:	  	TME Legal Management Department – Investment and M&A
		  	Email:	  	[            ]

  
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		  	Party B:	  	Shenzhen Ultimate Music Culture and Technology Co., Ltd.
		  	Address:	  	5th Floor, South District, Office Building, China National Convention Center, No. 7 Tianchen East Road, Chaoyang District, Beijing
	        	  	Attn:	  	TME Legal Management Department – Investment and M&A
		  	Email:	  	[        ]

  

	 	9.3	 Any Party may at any time change its address for notices by delivering notice to the other Party in accordance
with the terms hereof. 

  

	10.	 Assignment 

  

	 	10.1	 Without Party A’s prior written consent, Party B shall not assign its rights and obligations under this
Agreement to any third party. 

  

	 	10.2	 Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party and
in case of such assignment, Party A is only required to give written notice to Party B and does not need any consent from Party B for such assignment. 

  

	11.	 Taxes and Fees 

All taxes and fees incurred by each Party as a result of the execution and performance of this Agreement shall be borne by each Party
respectively. 
  

	12.	 Severability 

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

	13.	 Amendments and Supplements 

Any amendments and supplements to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have been
signed by the Parties and relate to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement. 
  

	14.	 Language and Counterparts 

This Agreement is written in Chinese in two (2) originals, with each Party having one copy. 

  
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 [The remainder of this page is intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Exclusive Business Cooperation Agreement by affixing
their company chops as of the date first above written. 
 Party A: Tencent Music (Beijing) Co., Ltd. 

/s/ Tencent Music (Beijing) Co., Ltd. 
 [Company Chop is
affixed] 
 Party B: Shenzhen Ultimate Music Culture and Technology Co., Ltd. 

/s/ Shenzhen Ultimate Music Culture and Technology Co., Ltd. 

[Company Chop is affixed] 
 Signature Page
of Exclusive Business Cooperation Agreement between 
 Tencent Music (Beijing) Co., Ltd. and Shenzhen Ultimate Music Culture and Technology
Co., Ltd.EX-4.40

 Exhibit 4.40 

THE SYMBOL “[    ]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT
BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL 
 Loan Agreement 

This Loan Agreement (the “Agreement”) is entered into by and between the following Parties on Nov. 19, 2021 in Shenzhen,
People’s Republic of China (the “PRC”): 
 (1) Tencent Music (Beijing) Co., Ltd. (the
“Lender”), a wholly foreign-owned enterprise incorporated and existing under the laws of the PRC, with its registered address at Room 303, 3rd Floor of 101, -2nd to 8th Floor, No. 7
Building, East Tianchen Road, Chaoyang District, Beijing; 
 (2) Shenzhen Qianhai Daizheng Music Culture Co., Ltd. (the
“Borrower”), a limited liability company incorporated and existing under the laws of the PRC, with its registered address at Shenzhen Qianhai Commerce Secretariat Co., Ltd., Qianhai Complex A201, Qianwan Road 1, Qianhai Shenzhen-Hong Kong Cooperation Zone, Shenzhen. 
 The Lender and the Borrower shall hereinafter be
referred to as a “Party” respectively and as the “Parties” collectively. 
 Whereas: 

 

	1.	 As of the date of this Agreement, the Borrower holds 100% equity interests in Shenzhen Ultimate Music Culture
and Technology Co., Ltd. (the “Borrower’s Company”). All the existing and future equity rights and interests the Borrower holds in the Borrower’s Company are referred to as the
“Borrower’s Equity Interest”; 

  

	2.	 The Lender agrees to provide a loan to the Borrower for the purposes as specified in this Agreement.

 Upon friendly negotiation, the Parties have reached the following agreements for their mutual compliance: 

 

	1	 Loan 

  

	 	1.1	 The Lender agrees to provide a loan in the amount of RMB 104,715,356 (or other amount agreed by the Parties) to
the Borrower in accordance with the terms hereof (the “Loan”). During the term of this Agreement, the Lender shall provide to the Borrower the respective amounts within one (1) month upon receipt of the notice by the Borrower
requesting the provision of all or part of the Loan. The Loan shall be a long-term loan. During the term of the Loan, if any of the following events occurs, the Lender shall repay the Loan immediately in advance: 

  
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	 	1.1.1	 30 days after the Borrower’s receipt of the written notice by the Lender requesting the repayment of the
Loan; 

  

	 	1.1.2	 the Borrower is liquidated, de-registered, revoked of business license
or becomes a person without capacity or with limited capacity for civil acts; 

  

	 	1.1.3	 the Borrower is no longer the shareholder of the Borrower’s Company or its affiliates regardless of the
reasons thereof; 

  

	 	1.1.4	 the Borrower or its legal representative or officer commits a crime or is involved in a crime;

  

	 	1.1.5	 according to the applicable PRC laws, the foreigners may invest in the existing major business of the
Borrower’s Company in a manner of controlling or wholly owned shareholding and the relevant authorities in PRC begin to approve such business, and the Lender decides to exercise its right of exclusive option in accordance with the Exclusive
Option Agreement (together with its amendments from time to time, the “Exclusive Option Agreement”) to which it is a party. 

  

	 	1.2	 The Loan by the Lender under this Agreement only applies to the Borrower itself, not its successors or
assignees. 

  

	 	1.3	 The Borrower agrees to accept the aforesaid loan provided by the Lender, and hereby agrees and warrants to use
the Loan to pay for its investment or increase in the registered capital of the Borrower’s Company or the working capital of the Borrower’s Company. Unless with prior written consent of the Lender, the Borrower will not use the Loan for
any other purpose. 

  

	 	1.4	 The Lender and the Borrower hereby agree and confirm that the Borrower may repay the loan only by the following
methods as required by the Lender: according to the Lender’s right to purchase the Borrower’s Equity Interest under the Exclusive Option Agreement, transfer the Borrower’s Equity Interest to the Lender or any person (legal person or
individual) as designated by the Lender, and use any proceeds obtained through the transfer of the Borrower’s Equity Interest (to the extent as permitted) to repay the Loan in accordance with this Agreement to the Lender in the method as
designated by the Lender. 

  
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	 	1.5	 The Lender and the Borrower hereby agree and confirm that, to the extent as permitted by the applicable laws,
the Lender shall be entitled to, but not be obliged to, purchase or designate any person (legal person or individual) to purchase all or part of the Borrower’s Equity Interest at any time, at a price as specified in the Exclusive Option
Agreement. 

  

	 	1.6	 The Borrower also warranties to execute an irrevocable power of attorney (together with its amendments from
time to time, the “Power of Attorney”), which authorizes the Lender or a legal person or an individual as designated by the Lender to exercise all its rights as a shareholder in the Borrower’s Company. 

 

	 	1.7	 The Loan under this Agreement will be deemed as an interest-free loan if the price to transfer the
Borrower’s Equity Interest from the Borrower to the Lender or any person as designated by the Lender is equal to or less than the amount of the Loan under this Agreement. However, if such transfer price exceeds the amount of the Loan under this
Agreement, the exceeding amount will be deemed as the interest upon the Loan under this Agreement and repaid to the Lender from the Borrower. 

  

	2	 Representations and Warranties 

 

	 	2.1	 The Lender represents and warrants to the Borrower that from the date of this Agreement until termination
hereof: 

  

	 	2.1.1	 it is a company duly incorporated and validly existing under the PRC laws; 

 

	 	2.1.2	 it has the power to execute and perform this Agreement. Its execution and performance of this Agreement are in
compliance with its business scope, articles of association or other organizational documents, and it has received all approvals and authorities necessary and appropriate to execute and perform this Agreement; and 

 

	 	2.1.3	 this Agreement, once executed, becomes legal, valid and enforceable obligations upon the Lender.

  

	 	2.2	 The Borrower represents and warrants that from the date of this Agreement until termination hereof:

  

	 	2.2.1	 the Borrower has the power to execute and perform this Agreement, and has received all approvals and
authorities necessary and appropriate to execute and perform this Agreement; 

  

	 	2.2.2	 this Agreement, once executed, becomes legal, valid and enforceable obligations upon the Borrower; and

  
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	 	2.2.3	 there is no existing or potential dispute, suit, arbitration, administrative proceeding or any other legal
proceeding in which the Borrower is involved. 

  

	3	 Covenants from the Borrower 

 

	 	3.1	 The Borrower covenants in its capacity as the shareholder of the Borrower’s Company that during the term
of this Agreement it will procure the Borrower’s Company: 

  

	 	3.1.1	 to strictly comply with the provisions of the Exclusive Option Agreement and the exclusive business cooperation
agreement (together with its amendments from time to time, the “Exclusive Business Cooperation Agreement”) to which it is a party, and to refrain from any action/omission that may affect the effectiveness and enforceability thereof;

  

	 	3.1.2	 to execute any contract or agreement regarding the business cooperation with the Lender (or any party as
designated by the Lender) upon the request of the Lender (or any party as designated by the Lender), and to ensure the strict performance of such contract agreement; 

 

	 	3.1.3	 to provide to the Lender any and all information regarding its operations and financial conditions upon the
request of the Lender; 

  

	 	3.1.4	 to immediately notify the Lender of any actual or potential litigation, arbitration or administrative
proceeding regarding its assets, business and income; 

  

	 	3.1.5	 to appoint any person as nominated by the Lender to be director of the Borrower’s Company upon the request
of the Lender. 

  

	 	3.2	 The Borrower covenants during the term of this Agreement: 

 

	 	3.2.1	 to procure, at its best efforts, the Borrower’s Company to conduct its major business, manage operation of
subsidiary companies. The specific business scope shall be subject to the business license and the agreement between the Borrower and the Lender; 

  

	 	3.2.2	 to strictly comply with the provisions of this Agreement, the Power of Attorney, the Equity Interest Pledge
Agreement (together with its amendments from time to time, the “Equity Interest Pledge Agreement”) and the Exclusive Option Agreement to which it as a party, perform the obligations thereunder, and to refrain from any
action/omission that may affect the effectiveness and enforceability thereof; 

  
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	 	3.2.3	 except as provided under the Equity Interest Pledge Agreement, not to sell, transfer, pledge or otherwise
dispose any legal or beneficial interest of the Borrower’s Equity Interest, or allow creation of any other security interests thereupon; 

  

	 	3.2.4	 to procure the shareholders’ meeting and/or the board of directors (or executive director) of the
Borrower’s Company not to approve any sale, transfer, pledge or otherwise disposal of any legal or beneficial interest of the Borrower’s Equity Interest or the assets of the Borrower’s Company, or creation of any other security
interests thereupon without prior written consent from the Lender, except to the Lender or its designated person; 

  

	 	3.2.5	 to procure the shareholders’ meeting and/or the board of directors (or executive director) of the
Borrower’s Company not to approve its merger or association with, or acquisition of or investment in any person without prior written consent from the Lender; 

 

	 	3.2.6	 to immediately notify the Lender of any actual or potential litigation, arbitration or administrative
proceeding regarding the Borrower’s Equity Interest; 

  

	 	3.2.7	 to execute any document, conduct any action, and make any claim or defense, necessary or appropriate to
maintain its ownership of the Borrower’s Equity Interest; 

  

	 	3.2.8	 not to make any act and/or omission which may affect any asset, business or liability of the Borrower’s
Company without prior written consent from the Lender; 

  

	 	3.2.9	 to appoint any person as nominated by the Lender to the board of the Borrower’s Company upon the request
of the Lender; 

  

	 	3.2.10	 to the extent as permitted under the PRC laws and upon the request of the Lender at any time, to transfer
unconditionally and immediately the Borrower’s Equity Interest to the Lender or any person as designated by it, and procure any other shareholder of the Borrower’s Company to waive the right of first refusal regarding such transfer of
equity interest under this Section; 

  
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	 	3.2.11	 to the extent permitted under the PRC laws and upon the request of the Lender at any time, to procure any other
shareholder of the Borrower’s Company to transfer unconditionally and immediately all the equity interests owned by such shareholder to the Lender or any person as designated by it, and the Borrower hereby waives its right of first refusal
regarding such transfer of equity interest under this Section; 

  

	 	3.2.12	 if the Lender purchases the Borrower’s Equity Interest from the Borrower pursuant to the Exclusive Option
Agreement, to use the consideration of such purchase to repay the Loan to the Lender on priority; and 

  

	 	3.2.13	 not to supplement, revise or amend its articles of association in any way, increase or decrease its registered
capital, or change its shareholding structure in any way without prior written consent from the Lender. 

  

	4	 Default Liabilities 

 

	 	4.1	 In the event that the Borrower materially breaches any provision under this Agreement, the Lender is entitled
to terminate this Agreement and claim damages from the Borrower; this Section 4.1 shall not preclude any other rights entitled to the Lender as provided under this Agreement. 

 

	 	4.2	 The Borrower may not terminate or cancel this Agreement in any event unless otherwise provided under the laws.

  

	 	4.3	 If the Borrower fails to repay the Loan pursuant to the terms under this Agreement, it will be liable for a
penalty interest accrued upon the amount due and payable at a daily interest rate of 1%oo until the Loan as well as any penalty interest and any other amount accrued thereupon are fully repaid
by the Borrower. 

  

	5	 Notices 

  

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

  
 6 

	 	5.1.1	 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively delivered upon the delivery. 

  

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

  

	 	5.2	 For the purpose of notification, the addresses of the Parties are as follows: 

The Lender: Tencent Music (Beijing) Co., Ltd. 

Address: 5th Floor, South District, National Convention Center,
No. 7 Tianchen East Road, Chaoyang District, Beijing 
 Attention: TME Legal Management Department - Investment
and M&A 
 Email: [ ] 

The Borrower: Shenzhen Qianhai Daizheng Music Culture Co., Ltd. 

Address: 5th Floor, South District, National Convention Center,
No. 7 Tianchen East Road, Chaoyang District, Beijing 
 Attention: TME Legal Management Department - Investment
and M&A 
 Email: [ ] 
  

	 	5.3	 Each Party may at any time change its address for notices by delivering a notice to the other Party in
accordance with this Section. 

  

	6	 Confidentiality 

The Parties acknowledge and confirm that the terms of this Agreement and any oral or written information exchanged among the Parties in
connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall keep all such confidential information confidential, and shall not, without prior written consent of the other Party,
disclose any confidential information to any third parties, except for information: (a) that is or will be available to the public (other than through the unauthorized disclosure to the public by the Party receiving confidential information);
(b) that is required to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) that is disclosed by any Party to its shareholders, directors,
employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar
to the terms set forth in this Section. Disclosure of any confidential information by the shareholders, directors, employees or entities engaged by any Party shall be deemed as disclosure of such confidential information by such Party, which Party
shall be held liable for breach of contract. 

  
 7 

	7	 Governing Law and Disputes Resolution 

 

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

  

	 	7.2	 Any disputes arising in connection with the implementation and performance of this Agreement shall be settled
through friendly consultations among the Parties, and where such disputes are still unsolved within thirty (30) days upon issuance of the written notice by one Party to the other Party for consultations, such disputes shall be submitted by
either Party to the South China International Economic and Trade Arbitration Commission for arbitration in accordance with its then effective arbitration rules. The arbitration shall take place in Shenzhen. The arbitration award shall be final and
binding upon all the Parties. 

  

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

 

	8	 Miscellaneous 

 

	 	8.1	 This Agreement shall be effective as of the date of its execution and expire until the Parties have performed
their respective obligations under this Agreement. 

  

	 	8.2	 This Agreement is written in Chinese in two (2) originals, with each of the Lender and the Borrower
holding one original. 

  

	 	8.3	 The Parties may amend and supplement this Agreement in writing. Any amendment and/or supplement to this
Agreement by the Parties is an integral part of and has the same effect with this Agreement. 

  

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

  
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	 	8.5	 The attachment to this Agreement (if any) is an integral part of and has the same effect with this Agreement.

  

	 	8.6	 Any obligation that occurs or becomes due under this Agreement prior to the expiry of this Agreement or early
termination shall survive the expiration or early termination of this Agreement. The provisions under Section 4, Section 6, Section 7 and this Section 8.6 shall survive the termination of this Agreement. 

[The remainder of this page is intentionally left blank] 

  
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 IN WITNESS HEREOF, the Parties have caused this Loan Agreement to be executed by their
respective authorized representative on the date first above written. 
 The Lender: Tencent Music (Beijing) Co., Ltd.  

/s/ Tencent Music (Beijing) Co., Ltd. 
 [Company Chop is
affixed] 
 The Borrower: Shenzhen Qianhai Daizheng Music Culture Co., Ltd. 

/s/ Shenzhen Qianhai Daizheng Music Culture Co., Ltd. 

[Company Chop is affixed] 
 Signature Page
of Loan Agreement regarding Shenzhen Ultimate Music Culture and Technology Co., Ltd. 
 between Tencent Music (Beijing) Co., Ltd. and Shenzhen
Qianhai Daizheng Music Culture Co., Ltd.

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