Document:

Series A Preferred Share Purchase Agreement among the Registrant

 Exhibit 4.6 
 SERIES A PREFERRED SHARE PURCHASE AGREEMENT 
 THIS SERIES A PREFERRED SHARE PURCHASE AGREEMENT (this
“Agreement”) is made as of September 6, 2006, by and among PERFECT WORLD CO., LTD., an exempted company organized under the laws of the Cayman Islands (the “Company”), PERFECT HUMAN HOLDING COMPANY LIMITED, a
business company organized under the laws of the British Virgin Islands (“Perfect Human”), PROSPEROUS WORLD COMPANY LIMITED, a business company organized under the laws of the British Virgin Islands (“Prosperous
World”), BEIJING POWER CREATIVE WEB TECH. CO., LTD., a wholly owned foreign enterprise incorporated under the laws of the PRC (the “PRC Subsidiary”), BEIJING PERFECT WORLD CO., LTD., a limited liability company
incorporated under the laws of the PRC (the “Operating Company”), the persons listed in Schedule A attached hereto (the “Founders”), and SB ASIA INVESTMENT FUND II, L.P., an exempted limited
partnership organized and existing under the laws of the Cayman Islands and its affiliated companies (the “Investors”). 
 RECITALS 
  

	A.	Perfect Human, Prosperous World, Sharon Wei and Fang Fang own beneficially and of record all of the issued and outstanding shares of the Company. Chi Yufeng owns all of the issued
and outstanding share capitals of Perfect Human, and Su Huan and Chen Furui together own all of the issued and outstanding share capitals of Prosperous World; 

  

	B.	The Company owns beneficially and of record one hundred percent (100%) of the equity interests in the registered capital of the PRC Subsidiary; 

  

	C.	The Investors wish to invest in the Company and to subscribe for an aggregate of seven million (7,000,000) shares of the Series A Preferred Shares (as hereinafter defined) to
be issued and sold by the Company and purchase one million (1,000,000) shares of the Series A Preferred Shares from Perfect Human and Prosperous World (500,000 shares for each), pursuant to the terms and subject to the conditions of this
Agreement. 

 WITNESSETH 
 IN CONSIDERATION OF THE FOREGOING RECITALS AND THE MUTUAL PROMISES, REPRESENTATIONS, WARRANTIES, AND COVENANTS HEREINAFTER SET FORTH AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH
ARE HEREBY ACKNOWLEDGED, THE PARTIES HEREBY AGREE AS FOLLOWS: 
 1. Definitions. The following terms shall have the meanings ascribed to them below:

 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is
controlled by or is under common Control with such Person. 
 “Ancillary Agreements” means, collectively, the
Shareholders Agreement and the Right of First Refusal and Co-Sale Agreement, each as defined below. 
 “Board of
Directors” or “Board” means the board of directors of the Company or a Group Company, as the case may be. 
 “Class A Ordinary Shares” means Class A ordinary shares of a nominal or par value of US$0.001 per share, each of which shall be entitled to ten (10) votes on all matters subject to members’ votes. 

 “Class B Ordinary Shares” means Class B ordinary shares of a nominal or
par value of US$0.001 per share, each of which shall be entitled to one (1) vote on all matters subject to members’ votes. 
 “Contract” means a legally binding contract, agreement, understanding, indenture, note, bond, loan, instrument, lease, mortgage, franchise, or license. 
 “Control” of a given Person means the power or authority, whether exercised or not, to direct the business, management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to
direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of the board of directors of such Person; the term
“Controlled” has the meaning correlative to the foregoing. 
 “Convertible Securities” means, with
respect to any specified Person, Securities convertible or exchangeable into any shares of any class of such specified Person, however described and whether voting or non-voting. 
 “Conversion Shares” means Ordinary Shares issuable upon conversion of the Series A Preferred Shares. 
 “Equity Security” means, with respect to any specified Person, any shares of any class of such specified Person, however
described and whether voting or non-voting, all Convertible Securities and all Option Securities of such specified Person. 
 “Foreign Official” means an employee of a non-U.S. Governmental Authority, a member of a non-U.S. foreign political party, a non-U.S. foreign political candidate, an officer of a public international organization, or an
officer or employee of a PRC state-owned enterprise, where the term “foreign” has the meaning ascribed to it under the United States Foreign Corrupt Practices Act, as amended and interpreted from time to time. 
 “Governmental Authority” means any nation or government or any province or state or any other political subdivision
thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality
of the PRC or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 
 “Group Companies” means Perfect Human, Prosperous World, the PRC Subsidiary and the Operating Company (with each of such Group Companies being referred to as a “Group Company”). 
 “Intellectual Property” means all property in the nature of processes, manufactures, designs, inventions, know-how, trade
names, trade dress and other property in the nature of confidential or proprietary information in respect of which the Company or any Group Company owns or is the licensee of rights under patents, patent applications, trademarks, service marks,
copyrights, maskwork rights, trade secret rights, or other proprietary rights. 
 “Jiuzhou Tianyuan” means
Beijing Juizhu Tianyuan Investment Management Co., Ltd. 
 (

), a limited liability company incorporated under the laws of the PRC. Sixty percent (60) % of the equity interest in the registered capital of Jiuzhou Tianyuan is owned by Su Huan and forty percent
(40)% of the equity interest in the registered capital of Jiuzhou Tianyuan is owned by Chen Furui. 
  

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 “Key Employee” means, with respect to the Company or the Group
Companies, the executive directors, the chief executive officer, the chief operating officer and the chief financial officer of such entity. 
 “Law” means any constitutional provision, statute or other law, rule, regulation, official policy or interpretation of any Governmental Authority and any injunction, judgment, order, ruling,
assessment or writ issued by any Governmental Authority. 
 “Lien” means any mortgage, pledge, claim,
security interest, encumbrance, title defect, lien, charge or other restriction or limitation in respect of an asset owned or controlled by the Company. 
 “Material Adverse Effect” means any (a) event, occurrence, fact, condition, change or development that has had or reasonably would be expected to have a material adverse effect on the business,
operations, results of operations, financial or other condition, assets or liabilities of the Company, the Group Companies, and their Subsidiaries, taken as a whole, but excluding any of the foregoing resulting from general economic conditions or
from conditions that generally affect the industry of the Company, the Group Companies or any of their Subsidiaries other than changes that have a materially disproportionate effect on the Company, the Group Companies or any of their Subsidiaries,
or (b) material impairment of the ability of the Company, the Group Companies or any of their Subsidiaries to perform their respective material obligations hereunder or under the other Transaction Documents, as applicable. 
 “Memorandum and Articles” means the amended and restated memorandum of association and the articles of association of the
Company attached hereto as Exhibit A and Exhibit B, respectively, to be adopted by resolution in writing of all members of the Company. 
 “Option Securities” means, with respect to any specified Person, all options, warrants and other rights to acquire any shares of any class of such specified Person, however described and whether
voting or non-voting, or any Convertible Securities of such specified Person. 
 “Ordinary Shares” means
Class A Ordinary Shares and Class B Ordinary Shares of the Company. 
 “Permitted Liens” means
(i) Liens for taxes not yet delinquent or the validity of which are being contested and (ii) Liens incurred in the ordinary course of business, which (x) do not in the aggregate materially detract from the value of the assets that are
subject to such Liens and (y) were not incurred in connection with the borrowing of money in an aggregate amount that exceeds US$25,000. 
 “Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 
 “PRC” means the People’s Republic of China, but solely for the purposes of this Agreement and the other Transaction
Documents excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan. 
  

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 “Preferred Shares” means the Company’s Preferred Shares, par value
US$0.001 per share including the Series A Preferred Shares. 
 “Qualified IPO” has the meaning given to such
term in the Memorandum and Articles, as amended and restated from time to time. 
 “Securities Act” means the
U.S. Securities Act of 1933, as amended and interpreted from time to time. 
 “Series A Preferred Shares”
means one or more convertible, redeemable and participating Series A Preferred Shares in the capital of the Company with a nominal or par value of US$0.001 each having the rights, preference, privilege, and restrictions set out in the Memorandum and
Articles of the Company. 
 “Subsidiary” means, with respect to any specified Person, any Person of which the
specified Person, directly or indirectly, owns more than fifty percent (50%) of the issued and outstanding authorized capital, share capital, voting interests or registered capital. 
 “Shiji Xiangshu” means Beijing Shiji Xiangshu Technology Co., Ltd. (

), a limited liability company incorporated under the laws of the PRC. Eighty percent (80)% of the equity interest in the registered capital of Shiji Xiangshu is owned by Chi Yufeng and twenty percent
(20)% of the equity interest in the registered capital of Shiji Xiangshu is owned by Sha Rui. 
 “Transaction
Documents” means this Agreement, the Ancillary Agreements and the Memorandum and Articles. 
 “U.S.
GAAP” means generally accepted accounting principles in the United States applied on a consistent basis. 
 For
purposes of this Agreement, the term “best knowledge of the Company” refers to the best knowledge after due inquiry of each of the Founders. 
 2. PURCHASE AND SALE OF SHARES. 
 2.1 Issuance and Sale of Series A Preferred Shares. 
 (i) Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Investors agree to subscribe for and
purchase, and the Company agrees to issue and sell to the Investors, seven million (7,000,000) shares of the Company’s Series A Preferred Shares, at a per share purchase price of US$1.00 for an aggregate amount of consideration of
US$7,000,000, to be paid by wire transfer of immediately available U.S. dollar funds. 
 (ii) Subject to the terms and
conditions of this Agreement, at the Closing, the Investors agree to purchase, and Perfect Human and Prosperous World agree to sell to the Investors, one million (1,000,000) shares (500,000 shares for each) of the Company’s Series A
Preferred Shares, at a per share purchase price of US$1.00 for an aggregate amount of consideration of US$1,000,000, to be paid by wire transfer of immediately available U.S. dollar funds. 
 2.2 Closing. 
 (i) The
purchase and sale of the Series A Preferred Shares hereunder shall take place 

  

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at the offices of Morrison & Foerster LLP, 34th Floor, China World Tower 2, No. 1 Jianguomenwai Avenue, Beijing 100004, PRC, on September 6, 2006 at 10:00 a.m., or at such other time and date and at other location to be mutually agreed to
by the parties (which time, date and place are designated as the “Closing”). 
 (ii) At the Closing, the
Company shall (a) deliver to the Investors all items the delivery of which is made an express closing condition under Section 5 hereof, and (b) cause the Company’s share register to be updated to reflect the Series A Preferred
Shares purchased by the Investors and, as soon as possible thereafter and in any event within five (5) business days, shall deliver to the Investors a certificate evidencing such Series A Preferred Shares. 
 (iii) At the Closing, the Investors shall deliver to the Company seven million U.S. Dollars (US$7,000,000) by wire transfer of immediately
available U.S. dollar funds to the bank account designated in writing by the Company prior to the Closing and five hundred thousands U.S. Dollars (US$500,000) by wire transfer of immediately available U.S. dollar funds to the bank accounts
designated in writing by each of Perfect Human and Prosperous World prior to the Closing. 
 3. Representations and Warranties of the Founders, the
Company and the Group Companies. Subject to such exceptions as may be specifically set forth in the Disclosure Schedule attached to this Agreement as Exhibit E (the “Disclosure Schedule”), each of the Founders, the
Company and the Group Companies, severally and jointly, represents and warrants to the Investors that the statements contained in this Section 3 are correct and complete as of the date of this Agreement. Nothing in the Disclosure Schedule shall
be deemed adequate to disclose an exception to a representation or warranty made herein, however, unless the Disclosure Schedule identifies the exception with reasonable particularity and describes the relevant facts in reasonable detail. Without
limiting the generality of the foregoing, the mere listing (or inclusion of a copy) of a document or other item shall not be deemed adequate to disclose an exception to a representation or warranty made herein (unless the representation or warranty
has to do with the existence of the document or other item itself). The Disclosure Schedule is arranged in paragraphs corresponding to the lettered and numbered paragraphs contained in this Section 3. 
 3.1 Organization, Good Standing and Qualification. Each of Perfect Human and Prosperous World is duly incorporated, validly existing and in good
standing under the laws of the British Virgin Islands. The Company is duly incorporated, validly existing and in good standing under the laws of the Cayman Islands, and each of the PRC Subsidiary and the Operating Company is duly organized and
validly existing under the laws of the PRC. The Company and each of the Group Companies has all requisite legal and corporate power and authority to carry on their business as now conducted, and are duly qualified to transact business in each
jurisdiction in which the failure to so qualify would have a Material Adverse Effect. 
 3.2 Capitalization and Voting Rights.

 (a) Immediately before the Closing, the authorized capital of the Company shall consist of: 
 (i) 8,000,000 authorized Series A Preferred Shares, of which 1,000,000 shares are issued and outstanding and none of the 7,000,000 shares
will be issued and outstanding. The rights, privileges and preferences of the Series A Preferred Shares will be as stated in the Memorandum and Articles. 
 (ii) 42,000,000 Ordinary Shares, of which 14,857,143 Class A Ordinary Shares are 

  

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issued and outstanding, 8,000,000 Class A Ordinary Shares will be reserved for issuance upon the conversion of the Series A Preferred Shares, 1,714,286
Class B Ordinary Shares will be reserved for issuance to officers, directors, advisors, and employees of the Company upon receiving approval from the Board and consent of the Investors. The rights, privileges and preferences of Ordinary Shares are
as stated in the Memorandum and Articles. If at any time the authorized but unissued 8,000,000 Class A Ordinary Shares is insufficient to effect the conversion of all then outstanding shares of Series A Preferred Shares, the Company will take
such corporate action as may be necessary to increase its authorized but unissued shares of Class A Ordinary Shares to such number of shares so that the authorized and unissued shares will be sufficient for such purposes, including, without
limitation, making in best efforts to obtain the requisite shareholder approval. 
 (iii) Except as set forth above and except
for (a) the conversion privileges of the Series A Preferred Shares and (b) certain rights provided in the Shareholders Agreement and the Right of First Refusal and Co-Sale Agreement, there are no outstanding options, securities, warrants,
rights (including conversion or preemptive rights and rights of first refusal), proxy or shareholders agreements, or agreements of any kind for the purchase or acquisition from the Company of any of its Equity Securities. Except as
contemplated hereby and as set forth in Section 3.2(a)(iii) of the Disclosure Schedule, the Company is not a party or subject to any agreement that affects or relates to the voting or giving of written consents with respect to any security of
the Company. 
 (iv) The capitalization spreadsheet attached hereto as Exhibit F sets forth an accurate and complete
list of all of the holders of the Company’s Equity Securities with reasonable detail and includes all outstanding shares of the Company as well as all securities that are convertible into, or exercisable for shares of the Company as of the date
hereof and on a pro-forma basis, giving effect to the Closing. 
 (b) The PRC Subsidiary is wholly-owned by the Company. Shiji
Xiangshu owns sixty-six point seven percent (66.7%) of the equity interests in the registered capital of the Operating Company and Jiuzhou Tianyuan owns the remaining thirty-three point three percent (33.3%) of the equity interests in the
registered capital of the Operating Company. All interests in the registered capital of each of the PRC Subsidiary and the Operating Company have been duly and validly subscribed for and fully paid. No interest in the registered capital of the PRC
Subsidiary or the Operating Company was subscribed to in violation of the preemptive rights of any person or any agreement or Laws, by which each such Person at the time of subscription was bound. There are no resolutions pending to increase the
registered capital of the PRC Subsidiary or the Operating Company. There are no outstanding options, preemptive rights or other rights relating to the registered capital of the PRC Subsidiary or the Operating Company, other than as contemplated by
this Agreement. 
 3.3 Authorization. 
 (i) All corporate action of each of Perfect Human and Prosperous World with regard to the execution and delivery of this Agreement and each of the Ancillary Agreements and the selling of the 1,000,000 shares of Series
A Preferred Shares to the Investors (a) have been duly authorized by all necessary corporate, and if required, shareholder actions; (b) do not and will not contravene the terms of the Articles of Association of each of Perfect Human and
Prosperous World. The performance of all obligations of Perfect Human and Prosperous World hereunder and thereunder, will constitute the valid and legally binding obligation of each of Perfect Human and Prosperous World, enforceable against each of
Perfect Human and Prosperous World respectively in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of
creditors’ rights generally, and (b) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 
  

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 Each of Perfect Human and Prosperous World is the true owner of the 500,000 shares of
Series A Preferred Shares that each is selling to the Investors clean and free from any Liens. 
 (ii) All corporate action on
the part of the Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, each of the Ancillary Agreements and restructuring agreements in substantially the form attached hereto as
Exhibit G (the “Restructuring Agreements”), the performance of all obligations of the Company hereunder and thereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of the Series A
Preferred Shares being sold hereunder and the Ordinary Shares issuable upon conversion of the Series A Preferred Shares, has been taken or will be taken prior to the Closing, and this Agreement, each of the Ancillary Agreements to which the Company
is party and each of the Restructuring Agreements, when executed and delivered by the Company, will constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with their respective terms, except
(a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by Laws relating to the availability of
specific performance, injunctive relief, or other equitable remedies. 
 (iii) All corporate action on the part of each Group
Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of each of the Restructuring Agreements to which such Group Company is a party, and the performance of all obligations of such Group Company
hereunder and thereunder, has been taken or will be taken prior to the Closing, and each of the Restructuring Agreements, when executed and delivered by such Group Company, will constitute the valid and legally binding obligation of such Group
Company, enforceable against such Group Company in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of
creditors’ rights, and (b) as limited by Laws and principles of equity relating to the availability of specific performance, injunctive relief, or other equitable remedies. 
 The issuance of the Series A Preferred Shares or the Conversion Shares is not subject to any preemptive rights or rights of first refusal,
or if any such preemptive rights or rights of first refusal exist, waiver of such rights has been obtained from the holders thereof. 
 3.4 Valid Issuance of Shares. 
 (i) The Series A Preferred Shares that are being purchased by or issued to
the Investors hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable, and will be free of restrictions on
transfer (except for any restrictions on transfer set forth in this Agreement, the Memorandum and Articles or any Ancillary Agreements or restrictions on transfer under applicable securities Laws). The Conversion Shares have been duly and validly
reserved for issuance and, upon issuance in accordance with the terms of the Memorandum and Articles, will be duly and validly issued, fully paid, and non-assessable and will be free of restrictions on transfer (except for any restrictions on
transfer set forth in this Agreement or any Ancillary Agreement or restrictions on transfer under applicable securities Laws). 
 (ii) All presently outstanding Series A Preferred Shares (1,000,000 shares in total) and 

  

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Ordinary Shares of the Company are duly and validly issued, fully paid and non-assessable, and have been issued in compliance in all material respects with
the requirements of all applicable securities laws and regulations, including, to the extent applicable, the Securities Act. 
 3.5
Governmental Consents 
 Except as set forth in Section 3.5 of the Disclosure Schedule, no consent, approval, order or authorization
of, or registration, qualification, designation, declaration or filing with, any Governmental Authority on the part of the Company is required in connection with the consummation of the transactions contemplated by this Agreement or the Ancillary
Agreements. 
 3.6 Offering. Subject in part to the truth and accuracy of the Investors’ representations set forth in
Section 4 of this Agreement, the offer, sale and issuance of the Series A Preferred Shares and the Conversion Shares, as contemplated by this Agreement and the Ancillary Agreements, are exempt from the qualification, registration and prospectus
delivery requirements of the Securities Act and any applicable securities Laws. 
 3.7 Minute Books. The minute books of the Company
and the Group Companies as made available to the Investors and their representatives contain complete and accurate records in all material respects of all meetings of and corporate actions or written consents by the shareholders and the boards of
directors of the Company and the Group Companies. 
 3.8 Tax Matters. 
 (i) The provisions for taxes as shown on the balance sheet included in the respective financial statements of the Company and each Group
Company are sufficient in all material respects for the payment of all accrued and unpaid applicable taxes of the Company and each Group Company as of the date of each such balance sheet, whether or not assessed or disputed as of the date of each
such balance sheet. Except as set forth in Section 3.8 of the Disclosure Schedule, there have been no extraordinary examinations or audits of any tax returns or reports by any applicable Governmental Authority. Except as set forth in
Section 3.8 of the Disclosure Schedule, the Company and the Group Companies have filed or caused to be filed on a timely basis all tax returns that are or were required to be filed (to the extent applicable), and have paid, or made provision
for the payment of, all taxes that have become due, except where the failure to make such payment would not cause a Material Adverse Effect. There are in effect no waivers of applicable statutes of limitations with respect to taxes for any year.

 (ii) Neither the Company nor any Group Company has ever been, is or expects to become a (a) passive foreign investment
company as described in Section 1297 of the United States Internal Revenue Code (the “Code”); (b) foreign investment company described in Section 1246 of the Code; (c) controlled foreign corporation described in
Section 957 of the Code; (d) foreign personal holding company described in Section 552 of the Code; or (e) a qualified intermediary described in Section 1.1441-1 of the U. S. Treasury Regulations. 
 (iii) None of the Company, the Group Companies, or, solely by virtue of their status as shareholders of the Company or Group Companies,
the shareholders of the Company or the Group Companies, has personal liability under local law for the debts and claims of the relevant entity. There has been no communication from any tax authority relating to or affecting the tax classification of
the Company or any of the Group Companies. 
 3.9 Books and Records. The Company maintains in all material respects its books of

  

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accounts and records in the usual, regular and ordinary manner, on a basis consistent with prior practice, and which permits its Financial Statements (as
defined below) to be prepared in accordance with generally accepted accounting principles. The Company maintains in all material respects a complete, correct and accurate register of members that may be inspected by the Investors. 
 3.10 Financial Statements. Section 3.10 of the Disclosure Schedule sets forth the audited statements of operations, cash flow and balance
sheet for the fiscal years ended December 31, 2004 and 2005, unaudited statements of operations, cash flow and balance sheet for the period ended June 30, 2006 (the “Statement Date”) prepared under U.S. GAAP by one of the
four internationally recognized accounting firms selected by the Investors, each with respect to the Company and the Group Companies (collectively, the “Financial Statements”). The Financial Statements are complete and correct in
all material respects and present fairly the financial condition and position of the Company and the Group Companies as of their respective dates, in each case except as disclosed therein and except for the absence of notes. 
 3.11 Changes. Since the Statement Date, except as contemplated by this Agreement and except as set forth in Section 3.11 of the Disclosure
Schedule, there has not been: 
 (i) any change in the assets, liabilities, financial condition or operations of the Company
or the Group Companies from that reflected in the Financial Statements, other than changes in the ordinary course of business, or other changes which would not reasonably be expected to have a Material Adverse Effect; 
 (ii) any resignation or termination of any Key Employee of the Company or the Group Companies (and to the best knowledge of the Company
there is no threatened resignation or termination of any such individual); 
 (iii) any satisfaction or discharge of any Lien
or payment of any obligation by the Company or the Group Companies, except in the ordinary course of business and that is not material to the assets, properties, financial condition, operating results or business of such entities (as such business
is presently conducted); 
 (iv) any change or amendment to a Material Contract (as defined below in Section 3.14(i));

 (v) any change in any compensation arrangement or agreement with any Key Employee of the Company or the Group Companies;

 (vi) any sale, assignment or transfer of any Intellectual Property of the Company or the Group Companies, other than in the
ordinary course of business; 
 (vii) any declaration, setting aside or payment or other distribution in respect of any of the
Company’s or the Group Companies’ capital shares, or any direct or indirect redemption, purchase or other acquisition of any of such shares by the Company or the Group Company other than the repurchase of capital shares from employees,
officers, directors or consultants pursuant to agreements approved by the Board of Directors of the Company or the Group Company;
 (viii) any failure to conduct business in the ordinary course, consistent with the Company’s or the Group Companies’ past practices; or 
 (ix) any agreement or commitment by the Company or the Group Companies to do any of the things described in this Section 3.11. 
  

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 3.12 Litigation. Except as set forth in Section 3.12 of the Disclosure Schedule, there is no
action, suit, or other court proceeding pending, and to the best knowledge of the Company, threatened, against the Company or the Group Companies. To the best knowledge of the Company, there is no investigation by any Governmental Authority pending
against the Company or any of the Group Companies. To the best knowledge of the Company, there is no action, suit, proceeding or investigation pending or threatened against any Key Employee or director of the Company or any of the Group Companies in
connection with their respective relationship with such entity. There is no judgment, decree, or order of any court or Governmental Authority in effect and binding on any of the Company or the Group Companies. There is no court action, suit,
proceeding or investigation by the Company or any of the Group Companies which the Company or the Group Company, as the case may be, intends to initiate against any third party. 
 3.13 Liabilities. Except as set forth in Section 3.13 of the Disclosure Schedule or arising under the instruments set forth in
Section 3.14 of the Disclosure Schedule, the Company and the Group Companies do not have any liabilities of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due, except for (i) liabilities set
forth on the Financial Statements, (ii) trade or business liabilities incurred in the ordinary course of business, and (iii) other liabilities that do not exceed US$100,000 in the aggregate. 
 3.14 Company Commitments. 
 (i)
Section 3.14 of the Disclosure Schedule contains a complete and accurate list of all Contracts to which the Company or any of the Group Companies is bound that involve payments in excess of US$10,000 (collectively, the “Material
Contracts”). Each of the Material Contracts has been made available for inspection by the Investors and their counsel. 
 (ii)
Except as set forth on Section 3.14 of the Disclosure Schedule, there are no Contracts of the Company or any of the Group Companies containing covenants that in any material way purport to restrict the business activity of the Company or any of
the Group Companies, or limit in any material respect the freedom of the Company or any of the Group Companies to engage in any line of business that each of them is currently engaged in, to compete in any material respect with any entity or to
obligate in any material respect the Company or the Group Companies to share, license or develop any product or technology. 
 (iii) All of
the Material Contracts are valid, subsisting, in full force and effect and binding upon the Company and the Group Companies, and, to the best knowledge of such Persons, the other parties thereto. 
 (iv) The Company and the Group Companies have in all material respects satisfied or provided for all of their liabilities and obligations under the
Material Contracts requiring performance prior to the date hereof, are not in default in any material respect under any Material Contract, nor does any condition exist that with notice or lapse of time or both would constitute such a default. The
Company and the Group Companies are not aware of any material default thereunder by any other party to any Material Contract or any condition existing that with notice or lapse of time or both would constitute such a material default, or give any
Person the right to declare a material default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, a Material Contract. 
 (v) None of the Company or the Group Companies has given to or received from any Person any notice or other communication (whether oral or written)
regarding any actual, alleged, possible, or potential material violation or material breach of, or material default under, any Material Contract. 
  

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 3.15 Compliance with Laws. 
 (i) Except as set forth in Section 3.15(i) of the Disclosure Schedule, the Company and the Group Companies are in compliance with all Laws or
regulations that are applicable to them or to the conduct or operation of their business or the ownership or use of any of their assets, except for such non-compliance that, individually or in the aggregate, would not result in any Material Adverse
Effect. 
 (ii) No event has occurred and no circumstance exists that (with or without notice or lapse of time) (a) may constitute or
result in a violation by the Company or the Group Companies of, or a failure on the part of the Company or the Group Companies to comply with, any Law or regulation, or (b) may give rise to any obligation on the part of the Company or the Group
Companies to undertake, or to bear all or any portion of the cost of, any remedial action of any nature, except for such violations or failures by the Company or the Group Companies that, individually or in the aggregate, would not result in any
Material Adverse Effect. 
 (iii) None of the Company or the Group Companies has received any notice or other communication (whether oral or
written) from any Governmental Authority regarding (a) any actual, alleged, possible, or potential material violation of, or material failure to comply with, any Law, or (b) any actual, alleged, possible, or potential material obligation
on the part of the Company or the Group Companies to undertake, or to bear all or any portion of the cost of, any remedial action of any nature. 
 (iv) None of the Company, the Group Companies, or any director, agent, employee or any other person acting for or on behalf of the Company or the Group Companies, has directly or indirectly (a) made any contribution, gift, bribe,
payoff, influence payment, kickback, or any other fraudulent payment in any form, whether in money, property, or services to any Foreign Official or otherwise (A) to obtain favorable treatment in securing business for the Company or the Group
Companies, (B) to pay for favorable treatment for business secured, or (C) to obtain special concessions or for special concessions already obtained, for or in respect of the Company or the Group Companies, in each case which would have
been in violation of any applicable Law or (b) established or maintained any fund or assets in which the Company or the Group Companies shall have proprietary rights that have not been recorded in the books and records of the Company or the
Group Companies. 
 3.16 Title; Liens; Permits. 
 (i) The Company and the Group Companies have good and marketable title to all the properties and assets reflected in their books and records, whether real, personal, or mixed and whether tangible or intangible,
purported to be owned by the Company and the Group Companies, free and clear of any Liens, other than Permitted Liens. With respect to the property and assets they lease, the Company and each Group Company are in compliance in all material respects
with such leases and hold a valid leasehold interest free of any Liens, other than Permitted Liens. The Company and each Group Company own or lease all properties and assets necessary to conduct in all material respects their respective business and
operations as presently conducted. 
 (ii) Except as set forth in Section 3.16(ii) of the Disclosure Schedule, the Company and each
Group Company have all material franchises, authorizations, approvals, permits, certificates and licenses (“Permits”) necessary for their respective business and operations as now conducted. Neither the Company nor the Group Companies is
in default in any material respect under any such Permit. As of the date hereof, the Operating Company has obtained the permits or licenses set forth on Exhibit L. 
  

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 3.17 Subsidiaries. 
 (i) Except for the PRC Subsidiary and the Operating Company, neither the Company nor any of the Group Companies owns or Controls, directly or indirectly, any interest in any other Person. 
 (ii) The PRC Subsidiary is wholly-owned by the Company free and clear of any Liens other than Permitted Liens. Shiji Xiangshu owns sixty-six point seven
percent (66.7%) of the equity interests in the registered capital of the Operating Company and Jiuzhou Tianyuan owns the remaining thirty-three point three percent (33.3%) of the equity interests in the registered capital of the Operating
Company, in each case, free and clear of any Liens other than Permitted Liens. No person or entity has any right to participate in, or receive any payment based on any amount relating to, the revenue, income, value or net worth of any Group Company
or any component or portion thereof, or any increase or decrease in any of the foregoing except for the contractual arrangements between the PRC Subsidiary and the Operating Company. 
 3.18 Compliance with Other Instruments. Neither the Company nor any of the Group Companies is in violation, breach or default of its Memorandum
and Articles or any other constitutional documents (which include, as applicable, any articles of incorporation, articles of association, by-laws, joint venture contracts and similar documents), except for such violation, breach or default that
would not result in a Material Adverse Effect. The execution, delivery and performance by the Company of and compliance with each of the Transaction Documents, and the consummation of the transactions contemplated thereby, will not result in any
such violation, breach or default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, a default under (a) the Memorandum and Articles or any other such constitutional documents of the
Company or the Group Companies, (b) any Material Contract, or (c) to the best knowledge of the Company, any applicable Law. 
 3.19 Registration Rights. Except as provided in the Shareholders Agreement, neither the Company nor any of the Group Company has granted or agreed to grant any Person any registration rights (including piggyback registration rights)
with respect to any of their securities. 
 3.20 Interested Party Transactions. Except as set forth in Section 3.20 of the
Disclosure Schedule, to the best knowledge of the Company, no officer, director or Founder of the Company or the Group Companies or any “affiliate” or “associate” (as those terms are defined in Rule 405 promulgated under the
Securities Act) of any of them has, either directly or indirectly, a material interest in: (a) any Person which purchases from or sells, licenses or furnishes to the Company or the Group Companies any goods, property, technology, intellectual
or other property rights or services, or (b) any Contract to which the Company or the Group Companies are a party or by which they may be bound or affected. 
 3.21 Intellectual Property Rights. 
 (i) The Company and the Group Companies own or otherwise have the
right or license to use all Intellectual Property material to their business as currently conducted without, to the best knowledge of the Company, any violation or infringement of the rights of others, free and clear of all Liens other than
Permitted Liens. Section 3.21(i) of the Disclosure Schedule contains a complete and accurate list of all registered Intellectual Property rights owned or used by the Company or the Group Companies, and a complete and accurate list of all
licenses and other Contracts granted by the Company or the Group Companies to any third party with respect to any Intellectual Property. There is no pending or, to the best knowledge of the Company, threatened, claim or litigation against the
Company or the Group Companies, contesting the right to use their Intellectual Property, asserting the misuse thereof, or asserting the infringement or other violation of any Intellectual Property of any third party. All material inventions and
material know-how conceived by employees of the Company and the Group Companies and related to the 

  

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businesses of the Company and the Group Companies were so conceived by such employees in the course of their employment by the Company and the Group
Companies and all right, title, and interest therein were transferred and assigned to the Company or the Group Companies. 
 (ii) No
proceedings or claims in which the Company or any of the Group Companies alleges that any Person is infringing upon, or otherwise violating, any of the Company’s or the Group Companies’ rights to its or their Intellectual Property are
pending, and none has been served, instituted or asserted by the Company or any of the Group Companies. 
 (iii) To the best knowledge of the
Company, none of the Key Employees is obligated under any Contract, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests of the
Company or the Group Companies, as the case may be, or that would conflict with the business of the Company or the Group Companies, as the case may be, as presently conducted or proposed to be conducted. To the best knowledge of the Company, it will
not be necessary to utilize in the course of the Company’s or the Group Companies’ business operations any inventions of any of the respective employees of the Company or the Group Companies made prior to their employment by the Company or
the Group Companies, as the case may be, except for inventions that have been validly and properly assigned or licensed to the Company or the Group Companies as of the date hereof. 
 (iv) The Company and the Group Companies have each taken all security measures that in the judgment of the Company and the Group Companies are prudent in
order to protect the secrecy, confidentiality, and value of their respective material Intellectual Property. 
 3.22 Entire Business.

 (i) Perfect Human and Prosperous World were formed solely to acquire and hold an equity interest in the Company and since their
respective formation have not engaged in any business and have not incurred any liability. 
 (ii) The Company was formed solely to acquire
and hold an equity interest in the PRC Subsidiary and since its formation has not engaged in any business and has not incurred any liability except in the ordinary course of its business and the transactions contemplated under this Agreement.

 3.23 Labor Agreements and Actions. Except as set forth in Section 3.23 of the Disclosure Schedule, and except as required by
Law, neither the Company nor the Group Companies are a party to or bound by any currently effective employment contract, deferred compensation agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement or other employee
compensation agreement. The Company and the Group Companies have complied in all material respects with all applicable Laws related to employment, and to the best knowledge of the Company neither the Company nor the Group Companies have any union
organization activities, threatened or actual strikes or work stoppages or material grievances. None of the Company, the Group Companies and the Founders is aware of any labor organization or collective bargaining activity involving its employees.
Neither the Company nor the Group Companies are bound by or subject to (and none of their assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union. 

3.24 Broker. Neither the Company, nor any of the Group Companies has any Contract with any broker, finder or similar agent with respect to the
transactions contemplated by this Agreement or by any of the Transaction Documents. 
 3.25 Specific Events. Since the Statement Date,
except as set forth in the Financial Statements 

  

 13 

 
or in Section 3.25 of the Disclosure Schedule, neither of the Company nor any of the Group Companies has (a) declared, paid or committed to pay any
dividends or authorized, made or committed to make any distribution upon or with respect to any of its securities, (b) incurred or committed to incur any indebtedness for money borrowed in excess of US$25,000 individually or US$100,000 in the
aggregate that is currently outstanding, (c) made or committed to make any loans or advances to any individual, other than ordinary advances for travel or other bona fide business-related expenses or (d) waived or committed to waive any
material right of value. 
 3.26 Business Plan. All of the facts contained in the business plan and the budget for the twelve months
following the Closing in the form attached hereto as Exhibit H (the “Business Plan”) are true and correct in all material respects, and the Company believes that there is a reasonable basis for all of the assumptions and
projections contained in the Business Plan. 
 4. Representations and Warranties of the Investors. Each Investor hereby represents and warrants to the
Company, each Group Company and each Founder that: 
 4.1 Status. The Investors are entities duly organized, validly existing and in
good standing under the laws of the jurisdiction of their incorporation or formation. 
 4.2 Authorization. The Investors have full
power and authority to execute and deliver this Agreement and each of the Ancillary Agreements to which they are a party and to perform their obligations hereunder and thereunder, and this Agreement and each of the Ancillary Agreements to which they
are a party, when executed and delivered by the Investors, will constitute valid and legally binding obligations of the Investors, enforceable against them in accordance with their respective terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting enforcement of creditors’ rights and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies. The execution and delivery of, and the performance under, this Agreement and the Ancillary Agreements by the Investors will not conflict with any rule, regulation, judgment or agreement applicable to the Investors. All
actions on the Investor’s part required for lawful execution and delivery of this Agreement have been or will be effectively taken prior to the Closing. 
 4.3 Purchase for Own Account. The Series A Preferred Shares purchased hereunder, and the Ordinary Shares issuable upon conversion of the Series A Preferred Shares (collectively, the “Purchased
Securities”) to be received by the Investors, if any, will be acquired for investment purposes for the Investors’ own account, not as a nominee or agent, and not with a view to, or for the resale or distribution (as such term is
defined under the Securities Act) of any part thereof, and the Investors have no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Investors further represent that they
have not been organized for the purpose of acquiring the Purchased Securities, and they do not have any Contract with any Person to, directly or indirectly, sell, transfer or grant participations, with respect to any of the Purchased Securities and
have not solicited any Person for such purpose. 
 4.4 No Public Market. The Investors understand and acknowledge that the offering of
the Purchased Securities will not be registered or qualified under the Securities Act, or any applicable securities Laws on the grounds that the offering and sale of the Purchased Securities contemplated by this Agreement and the issuance of the
Purchased Securities hereunder is exempt from registration or qualification, and that the Company’s reliance upon these exemptions is predicated upon the Investors’ representations in this Agreement. The Investors further understand that
no public market now exists for any of the securities issued by the Company and the Company has given no assurances that a public market will ever exist for the Company’s securities. 
  

 14 

 4.5 Investment Experience. The Investors acknowledge that they are able to bear the economic risk
of their investment and have such knowledge and experience in financial or business matters that they are capable of evaluating the merits and risks of the investment in the Purchased Securities. 
 4.6 Disclosure of Information. The Investors and their advisors have been furnished with all materials relating to the business, finances and
operations of the Company that have been requested by the Investors or their advisors. The Investors and their advisors have been afforded the opportunity to ask questions of representatives of the Company and have received answers to such
questions, as the Investors deem necessary in connection with its decision to subscribe for the Purchased Securities. Notwithstanding the foregoing, each party acknowledges and agrees that the foregoing shall not in any way limit, reduce or affect
the representations and warranties provided by the Company in this Agreement or the right of the Investors to rely thereon. 
 4.7 Status
of Investors. The Investors are “accredited Investors” within the meaning of Securities and Exchange Commission (“SEC”) Rule 501 of Regulation D, as presently in effect, under the Securities Act. 
 4.8 Restricted Securities. The Investors understand that the Purchased Securities are characterized as “restricted securities” under
U.S. federal securities Laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the
Securities Act only in certain limited circumstances. In this connection, the Investors represent that they are familiar with SEC Rule 144, as presently in effect, and understand the resale limitations imposed thereby and by the Securities Act.
Furthermore, the Investors understand that the Purchased Securities have not been qualified or registered under the laws of any other jurisdiction and therefore may be viewed as restricted securities under any or all of such other applicable
securities Laws. 
 4.9 Legends. The Investors understand that the certificates evidencing the Purchased Securities issued pursuant to
this Agreement may bear the following legend: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE ACT OR
UNDER ANY OTHER APPLICABLE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT.” 
 5. Conditions of the Investors’ Obligations at Closing. The obligations of the Investors under Section 2.1 of this Agreement, unless otherwise waived in
writing by the Investors, are subject to the fulfillment on or before the Closing of each of the following conditions: 
 5.1
Representations and Warranties. Except as set forth in the Disclosure Schedule, the representations and warranties of the Company, the Group Companies and the Founders contained in Section 3 shall be true and correct in all material
respects when made, and shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of such Closing, except in either case for
those representations and warranties (x) that already contain any materiality qualification, which representations and warranties, to the extent already so qualified, shall instead be true and correct in all respects as so 

  

 15 

 
qualified as of such respective dates and (y) that address matters only as of a particular date, which representations will have been true and correct
in all material respects (subject to clause (x)) as of such particular date. 
 5.2 Performance. The Company, the Group Companies and
the Founders shall have performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
 5.3 Authorizations. The Company shall have obtained all authorizations, approvals, waivers or permits of any Person or any Governmental Authority
necessary for the consummation of all of the transactions contemplated by this Agreement and other Transaction Documents, including without limitation any authorizations, approvals, waivers or permits that are required in connection with the lawful
issuance of the Series A Preferred Shares pursuant to this Agreement and all such authorizations, approvals, waivers and permits shall be effective as of the Closing. 
 5.4 Closing Certificate. The chief executive officer of the Company shall have executed and delivered to the Investors at the Closing a certificate (i) stating that the conditions specified in Sections
5.1, 5.2 and 5.3 hereto have been fulfilled, and (ii) attaching thereto (A) the Memorandum and Articles as then in effect, (B) copies of all resolutions approved by the Company’s Shareholders and Board of Directors related to the
transactions contemplated hereby, and (C) good standing certificates with respect to the Company from the applicable authorities in the Cayman Islands. 
 5.5 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and
substance to the Investors, and the Investors shall have received all such counterpart original or other copies of such documents as they may reasonably request. 
 5.6 Memorandum and Articles. The Memorandum and Articles shall have been duly amended by all necessary action of the Board of Directors and/or the members of the Company, as set forth in the forms attached
hereto as Exhibit A and Exhibit B, respectively, and such amendment shall have been duly filed with the Registrar of Companies of the Cayman Islands. 
 5.7 Shareholders Agreement. The Company and the Founders shall have executed and delivered to the Investors the Shareholders Agreement in the form attached hereto as Exhibit C (the “Shareholders
Agreement”). 
 5.8 Right of First Refusal and Co-Sale Agreement. The Company and the Founders shall have executed and
delivered to the Investors the Right of First Refusal and Co-Sale Agreement in the form attached hereto as Exhibit D (the “Right of First Refusal and Co-Sale Agreement”). 
 5.9 Restructuring. The Group Companies shall have signed the Restructuring Agreements in substantially the form attached hereto as Exhibit
G, and such Restructuring Agreements shall have valid and enforceable in the opinion of the PRC Counsel. 
 5.10 Opinion of Cayman
Islands and British Virgin Islands Counsel. The Investors shall have received from Maples and Calder, special Cayman Islands counsel for the Company, and British Virgin Islands Counsel to Perfect Human and Prosperous World, opinions, dated as of
the Closing, in substantially the form attached hereto as Exhibit I. 
 5.11 Opinion of PRC Counsel. The Investors shall have
received from King and Wood PRC Lawyers, special PRC counsel for the Company, an opinion, dated as of the Closing, in substantially the form attached hereto as Exhibit J. 
  

 16 

 5.12 Due Diligence. The Investors shall have performed all business, legal and financial due
diligence on the Company and the Group Companies to their satisfaction. The Company shall have submitted to the Investors, at the Company’s expense, a detailed financial due diligence report prepared for the Investors’ benefit by one of
the four internationally recognized accounting firms selected by the Investors covering the years ended December 31, 2004, 2005 and the six-month period ended June 30, 2006. 
 5.13 Approvals. The Investors shall have obtained approval from its investment committee for its investment in the Company and such approval shall
remain valid on the date of the Closing. 
 5.14 Intellectual Property, Confidentiality and Non-Competition Agreement. Each Founder,
each officer, research and development employee, and Key Employee of the Company and each Group Company has entered into an Intellectual Property, Confidentiality and Non-Competition Agreement, in substantially the form attached hereto as Exhibit
K. 
 5.15 Letter from Key Employees. Prior to the date of the Closing, the Company and the Group Companies shall have obtained a
letter of commitment and non-competition from each of their respective Key Employees to the effect that such Key Employee shall (i) devote his or her working time and attention exclusively to the business of the Company or one or more Group
Companies, and use his or her best efforts to promote the Company’s or the Group Compan(ies)’ interests until at least one (1) year after the Qualified IPO unless his or her earlier resignation or an alternative arrangement is
approved by the Investors; and (ii) not be involved in any business that competes or will compete with the business of the Company or any of the Group Companies during the period from the date of the Closing to two (2) years after his or
her resignation or departure from the Company and the Group Companies. 
 5.16 Related Party Loans. Related party loans of the Group
Companies of RMB 8,000,000 shall have been settled in full. 
 5.17 SAFE Registration. The Founders shall have obtained all necessary
registrations from the State Administration of Foreign Exchange or its local branch in connection with the ownership in the Company. 
 6. Conditions of
the Company’s Obligations at Closing. The obligations of the Company to the Investors under this Agreement, unless otherwise waived in writing by the Company, are subject to the fulfillment on or before the Closing of each of the following
conditions by the Investors: 
 6.1 Representations and Warranties. The representations and warranties of the Investors contained in
Section 4 shall be true and correct in all material respects when made, and shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as
of the date of such Closing. 
 7. Post-Closing Covenants. The Founders, the Company and the Group Companies hereby covenant and agree with the
Investors as follows: 
 7.1 SAFE Registration. The Founders shall use their respective best efforts to obtain as soon as
possible all necessary registrations from the State Administration of Foreign Exchange or its local branch in connection with the ownership change in the Company. 
 7.2 Appointment of Chief Financial Officer. The Company shall use its best efforts to hire a chief financial officer acceptable to the Investors within three (3) months following Closing or as soon as
practicable following Closing. 
  

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 7.3 Compliance with the Restructuring Agreements. The Founders and the Group Companies shall cause
the Operating Company, Shiji Xiangshu, and Jiuzhou Tianyuan to fully observe and comply with the Restructuring Agreements. Any breach by or default of the Operating Company with respect to the Restructuring Agreements will be deemed as a violation
by the Founders and the Group Companies and shall subject the Founders and the Group Companies to the Indemnity obligation as set forth in Section 9.3 herein in addition to any other remedies available to the Investors under the applicable
agreements and laws. 
 7.4 Renewals of Telecommunication and Information Services Operating License and Website Culture Operating
License. The Founders and the Group Companies shall use their best efforts to cause the Operating Company to obtain a renewed Telecommunication and Information Services Operating License and Website Culture Operating License with its current
business address as soon as practicable following Closing. 
 7.5 Repayment of Outstanding Related Party Loans. The Founders and the
Group Companies shall cause the Operating Company to repay the outstanding related party loans of RMB 8,000,000 by using the proceeds received by the Operating Company from the asset transfer from the Operating Company to the PRC Subsidiary.

 7.6 The Company will comply and will cause any entity in which the Company owns an equity interest (directly or indirectly) to
comply on an annual basis with respect to its taxable year with all record-keeping, reporting, and other requirements necessary for the Company and any entity in which the Company owns an equity interest (directly or indirectly) to comply with any
applicable U.S. Tax Law or to allow any direct or indirect shareholder to avail itself of any provision of U.S. Tax Law. The Company will also provide any direct or indirect shareholder with any documentation or information requested by such direct
or indirect shareholder to allow such shareholder to comply with U.S. Tax Law. 
 7.7 In connection with the possibility that the
Company or any entity in which the Company owns or proposes to own an equity interest (directly or indirectly) may become a passive foreign investment company as described in Code Section 1297, the Company will, on an annual basis with respect
to its taxable year, comply and will cause any entity in which the Company owns an equity interest (directly or indirectly) to comply with all record-keeping, reporting, and other requirements so that any direct or indirect shareholder may make and
maintain a QEF election under Code Section 1295 with respect to the Company, including but not limited to (1) providing any direct or indirect shareholder within forty-five (45) days following the end of the Company’s taxable
year with the PFIC Annual Information Statement in the form and manner required under Regulations section 1.1295-1(g); (2) permitting any direct or indirect shareholder to inspect and copy the Company’s books, records, and any other
documents maintained by the Company to establish that the Company’s ordinary earnings and net capital gain are computed in accordance with U.S. income tax principles, and to verify these amounts and its pro-rata shares thereof; and
(3) providing any direct or indirect shareholder with copies and English language translations of any documents requested by any direct or indirect shareholder related to its status or obligations as a direct or indirect shareholder of a
possible passive foreign investment company. 
 8. Confidentiality. 
 8.1 Disclosure of Terms. The terms and conditions of this Agreement, any term sheet or memorandum of understanding entered into pursuant to the transactions contemplated hereby, all exhibits and schedules
attached hereto and thereto, and the transactions contemplated hereby and thereby (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any party
hereto to any third party except as permitted in accordance with the provisions set forth below. 
  

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 8.2 Permitted Disclosures. Notwithstanding the foregoing, the Company may, after the Closing,
disclose (i) the existence of the investment to its bona fide prospective investors, employees, bankers, lenders, accountants, legal counsels and business partners and (ii) the Financing Terms to its current investors, employees, bankers,
lenders, accountants and legal counsels, in each case only where such persons or entities are under appropriate nondisclosure obligations substantially similar to those set forth in this Section 8. The Investors may disclose the existence of
the investment and the Financing Terms to third parties or to the public, in each case as they deem appropriate in their sole discretion. Any party hereto may also provide disclosure in order to comply with applicable Laws, as set forth in
Section 8.3 below. 
 8.3 Legally Compelled Disclosure. In the event that any party is requested or becomes legally compelled
(including without limitation, pursuant to any applicable tax, securities, or other Laws and regulations of any jurisdiction) to disclose the existence of this Agreement or content of any of the Financing Terms, such party (the “Disclosing
Party”) shall provide the other parties hereto with prompt written notice of that fact and shall consult with the other parties hereto regarding such disclosure. At the request of the other party, the Disclosing Party shall, to the extent
reasonably possible and with the cooperation and reasonable efforts of the other parties, seek a protective order, confidential treatment or other appropriate remedy. In any event, the Disclosing Party shall furnish only that portion of the
information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. 
 8.4 Other Exceptions. Notwithstanding any other provision of this Section 8, the confidentiality obligations of the parties shall not apply to: (a) information which a restricted party learns from a
third party having the right to make the disclosure, provided the restricted party complies with any restrictions imposed by the third party; (b) information which is rightfully in the restricted party’s possession prior to the time of
disclosure by the protected party and not acquired by the restricted party under a confidentiality obligation; or (c) information which enters the public domain without breach of confidentiality by the restricted party. 
 8.5 Press Releases, Etc. No announcements regarding the Investors’ investment in the Company may be made by any party hereto in any press
conference, professional or trade publication, marketing materials or otherwise to the public without the prior written consent of the Investors. 
 8.6 Other Information. The provisions of this Section 8 shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties hereto with respect
to the transactions contemplated hereby. 
 8.7 Notices. All notices required under this Section 8 shall be made pursuant
to Section 9.7 of this Agreement. 
 9. Miscellaneous. 
 9.1 Survival of Warranties. The warranties, representations and covenants of the Company, the Group Companies, the Founders and the Investors contained in or made pursuant to this Agreement shall survive for a
period of three (3) years from the Closing, except for those set forth in Section 3.8(i), which shall survive until the termination of the applicable statute of limitations, and Sections 3.2 and 3.4, which shall survive indefinitely,
and such warranties, representations and covenants shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of any of the Investors or the Company. 
  

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 9.2 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties hereto whose rights or obligations hereunder are affected by such terms and conditions. This Agreement, and the rights and obligations
hereunder, shall not be assigned without the mutual written consent of the parties hereto. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 9.3 Indemnity. The Company, the Group Companies, the Founders shall, severally and jointly, indemnify the Investors against any depletion in or reduction in value of the Company’s or the Group Companies’ assets, any
increase in their liabilities, any dilution of the Investors’ interests in the Company or any diminution in the value of the Investors’ interests in the Company as a result of any breach or violation of any representation or warranty made
by the Company, the Group Companies or the Founders or any breach by the Company, the Group Companies, or any of the Founders of any covenant or agreement contained herein or in any of the other Transaction Documents, including, without limitation,
claims of taxation against the Company or any loss or payment by the Company as a result of a claim arising from activities of any of the Company, the Group Companies or the Founders that occurred prior to the Closing to the extent that such claim,
loss or payment results from a breach or violation of any such representation, warranty, covenant or agreement. If the Investors believe that they have a claim that may give rise to an indemnity obligation hereunder, they shall give prompt notice
thereof to the Company, the Group Companies and the Founders, as applicable, stating specifically the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted. No such claim shall be settled
or resolved without the consent of the Company, the Group Companies and the Founders, as the case may be, except that any dispute related thereto will be resolved pursuant to Section 9.13. Any Founder indemnity obligation that is determined to
arise hereunder shall be borne pro rata by all Founders who made the applicable representation or warranty or covenant that gives rise to the indemnity obligation based on the number of Ordinary Shares held by each. 
 9.4 Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York, without regard to principles of
conflicts of law thereunder. 
 9.5 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Facsimile and electronically mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 
 9.6 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience and ease of reference only and are not to be
considered in construing or interpreting this Agreement. 
 9.7 Notices. Any notice required or permitted pursuant to this Agreement
shall be given in writing and shall be given either personally or by sending it by next-day or second-day prepaid courier service, facsimile transmission, electronic mail or similar means to the address as shown below the signature of such party on
the signature page of this Agreement (or at such other address as such party may designate by fifteen (15) days’ advance written notice to the other parties to this Agreement given in accordance with this Section 9.7). Where a notice
is sent by next-day or second-day prepaid courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an internationally-recognized courier a letter
containing the notice, 

  

 20 

 
with a confirmation of delivery, and to have been effected at the expiration of two days after the letter containing the same is sent as aforesaid. Where a
notice is sent by facsimile transmission or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to
have been effected on the day the same is sent as aforesaid. 
 9.8 Finder’s Fee. Each party agrees to indemnify and to hold
harmless the other parties hereto from any liability for any broker, finder or similar fee or commission (and the reasonable costs and expenses of defending against such liability or asserted liability) incurred by such party in connection with the
transactions contemplated hereunder and for which such party is responsible. 
 9.9 Administrative Fees and Other Expenses. The
Company shall pay all costs and expenses incurred by the Company and the Group Companies in connection with the negotiation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated
hereby and thereby. However, the Company shall not pay for any financial advisory fees without the prior written approval from the Investors. Upon Closing, the Company shall pay all costs and expenses incurred or to be incurred by the Investors in
conducting due diligence investigations on the Company and the Group Companies and in preparing, negotiating and executing all documentation, including all fees and expenses of any outside legal counsel. The Company shall also pay the
Investors’ outside legal counsel for all reasonable fees and expenses incurred by the Investors after the Closing that arise from their investment in the Company, including but not limited to reasonable fees and expenses related to document
review, notices, waivers or amendments of the Investors’ rights. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees and
expenses in addition to any other relief to which such party may be entitled. 
 In the event that the Closing does not occur, the Company
and the Investors shall each bear 50% of the legal fees and expense in connection with the transaction. 
 9.10 Amendments and Waivers.
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the parties
hereto. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding (including securities into which such securities are convertible),
each future holder of all such securities, and the Company. 
 9.11 Severability. If one or more provisions of this Agreement are held
to be unenforceable under applicable Law, such provision or provisions shall be excluded from this Agreement to the extent it or they are so unenforceable and the balance of the Agreement shall be interpreted as if such provision were so excluded
and shall remain in full force and effect and be enforceable in accordance with its terms to the fullest extent permitted by law 
 9.12
Entire Agreement. This Agreement and the documents referred to herein, together with all schedules and exhibits hereto and thereto, constitute and contain the entire agreement and understanding among the parties regarding the subject matter
hereof and thereof, and supersedes any and all prior negotiations, correspondence, understandings and agreements, written or oral, among the parties with respect to the subject matter hereof and thereof, and no party shall be liable or bound to any
other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein; provided, however, that nothing in this Agreement or any Ancillary Agreement shall be deemed to terminate or supersede the
provisions of any confidentiality and nondisclosure agreements executed by the parties hereto prior to the date of this Agreement, all of which agreements shall continue in full force and effect until terminated in accordance with their respective
terms. 
  

 21 

 9.13 Dispute Resolution. 
 (i) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity
hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one party hereto has delivered to the other party hereto a written
request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of either party with notice to the other.

 (ii) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre
(the “Centre”). There shall be three arbitrators. Each of the Company, on the one hand, and the Investors, on the other hand, shall select one arbitrator within thirty (30) days after giving or receiving the demand for
arbitration. Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any prescribed list. The Chairman of the Centre shall select the third arbitrator, who shall be qualified to practice law in New York.
If either party does not appoint an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the Centre. 
 (iii) The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the arbitration rules of the Centre
in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 9.13, including the provisions concerning the appointment of arbitrators, the provisions of this Section 9.13 shall
prevail. 
 (iv) The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance
with the substantive Law of New York and shall not apply any other substantive Law. 
 (v) Each party hereto shall cooperate
with the other in making full disclosure of and providing complete access to all information and documents requested by the other in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party.

 (vi) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and either party may
apply to a court of competent jurisdiction for enforcement of such award. 
 (vii) Either party shall be entitled to seek
preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 9.14 Rights Cumulative. Each and all of the various rights, powers and remedies of a party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such party may have at law or
in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy
available to such party. 
 9.15 Interpretation. Unless a provision hereof expressly provides otherwise: (i) the term
“or” is not exclusive; (ii) words in the singular include the plural, and words in the plural include the singular; 

  

 22 

 
(iii) the terms “herein,” “hereof,” and other similar words refer to this Agreement as a whole and not to any particular section,
subsection, paragraph, clause, or other subdivision; (iv) the term “including” will be deemed to be followed by “, but not limited to,”; (v) the masculine, feminine, and neuter genders will each be deemed to
include the others; (vi) the terms “shall,” “will,” and “agrees” are mandatory, and the term “may” is permissive; (vii) the term “day” means “calendar day”, and (viii) all
references to dollars are to currency of the United States of America. 
 9.16 No Waiver. Failure to insist upon strict compliance
with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power
hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 
 9.17
No Presumption. The parties acknowledge that any applicable Law that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived. If any claim is made by
a party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any party or its counsel.

 [The remainder of this page is intentionally left blank] 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
	COMPANY:	 		 	PERFECT WORLD CO., LTD.
			
		 		 	For and on behalf of Perfect World Co., Ltd.
				
		 		 	By:	 	 /s/ Chi Yufeng

		 		 	Name:	 	
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	PO Box 309GT Ugland House
		 		 		 	135 South Church Street
		 		 		 	George Town, Grand Cayman
		 		 		 	Cayman Islands
			
		 		 	BEIJING POWER CREATIVE WEB TECH. CO., LTD.
				
		 		 	By:	 	 /s/ Chi Yufeng

		 		 	Name:	 	Chi Yufeng
		 		 	Title:	 	Legal Representative
				
		 		 	Address:	 	Room 702-C Building One,
		 		 		 	No.1 Shangdi East Road
		 		 		 	Haidian District Beijing
		 		 		 	People’s Republic of China
		 		 	Attention: Chi Yufeng
		 		 	Fax: + 86 (10) 58851012
			
		 		 	BEIJING PERFECT WORLD CO., LTD.
				
		 		 	By:	 	 /s/ Chi Yufeng

		 		 	Name:	 	Chi Yufeng
		 		 	Title:	 	Legal Representative
				
		 		 	Address:	 	Rooms 702-19 Building One,
		 		 		 	No.1 Shangdi East Road
		 		 		 	Haidian District Beijing
		 		 		 	People’s Republic of China
		 		 	Attention: Chi Yufeng
		 		 	Fax: + 86 (10) 58851012

  

 S-1 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
	INVESTORS:	 		 	SB ASIA INVESTMENT FUND II, L.P.
				
		 		 	By:	 	 /s/ Andrew Y. Yan

		 		 	Name:	 	Andrew Y. Yan
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	
		 		 		 	c/o M&C Corporation Services Limited
		 		 		 	PO Box 309GT
		 		 		 	Ugland House, South Church Street
		 		 		 	George Town, Grand Cayman
		 		 		 	Cayman Islands
			
		 		 	With a copy to:
		 		 		 	c/o SAIF Advisors
		 		 		 	1001 China Resources Building
		 		 		 	No. 8 Jianguomenbei Avenue
		 		 		 	Beijing 100005
		 		 		 	People’s Republic of China
		 		 	Attention: Daniel Yang
		 		 	Fax +86 (10) 8519-2048
			
		 		 	And a copy to:
		 		 		 	c/o SAIF Advisors
		 		 		 	Morrison & Foerster LLP
		 		 		 	Suite 3408
		 		 		 	China World Tower 2
		 		 		 	No.1 Jianguomenwai Avenue
		 		 		 	Beijing 100004
		 		 		 	China
		 		 	Attention: Steve Toronto
		 		 	Fax: + 86 (10) 6505-9091

  

 S-2 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
		 		 	PERFECT HUMAN HOLDING COMPANY LIMITED
			
		 		 	For and on behalf of Perfect Human Holding Company Limited
				
		 		 	By:	 	 /s/ Chi Yufeng

		 		 	Name:	 	
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	PO Box 173 Kingston Chambers
		 		 		 	Road Town, Tortola, British Virgin Islands
			
		 		 	PROSPEROUS WORLD COMPANY LIMITED
			
		 		 	For and on behalf of Prosperous World Company Limited
				
		 		 	By:	 	 /s/ Su Huan

		 		 	Name:	 	
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	PO Box 173 Kingston Chambers
		 		 		 	Road Town, Tortola, British Virgin Islands

  

 S-3 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
	FOUNDERS:	 		 	 /s/ Chi Yufeng

		 		 	CHI YUFENG
		 		 	Passport Number: 110108197109148935
		 		 	Address:	 	Room 1205 Unit 2 Building 5 Jindu Xiaoqu Yangzheng
		 		 		 	Shunyi District, Beijing
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 58851012
			
		 		 	 /s/ Su Huan

		 		 	SU HUAN
		 		 	Passport Number: 120102197304291730
		 		 	Address:	 	10-1-301 Hejinli, Daqiao Road,
		 		 		 	Hedong District, Tianjin
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 6586-5910
			
		 		 	 /s/ Chen Furui

		 		 	CHEN FURUI
		 		 	Passport Number: 110108195901298217
		 		 	Address:	 	2-3-353 No.48 Block, Jiaoda East Road,
		 		 		 	Haidian District, Beijing
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 62790677
			
		 		 	 /s/ Sharon Wei

		 		 	SHARON WEI
		 		 	Passport Number: Z7946766
		 		 	Address:	 	Room 1705, Building No.2, Xiandaicheng,88 Jianguolu,
		 		 		 	Chaoyang District, Beijing
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 85804869
			
		 		 	 /s/ Fang Fang

		 		 	FANG FANG
		 		 	Passport Number: H90122213
		 		 	Address:	 	41C Estoril Court, 51 Garden Road,
		 		 		 	Central Hong Kong
			
		 		 	Fax: + 00852-25360747

  

 S-4 

 SCHEDULE A 
 FOUNDERS 
 CHI YUFENG 
 SU HUAN 
 CHEN FURUI 
 SHARON WEI

 FANG FANG 
  

 Schedule-A 

 EXHIBIT A 
 AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION 
  

 Exhibit-A 

 EXHIBIT B 
 AMENDED AND RESTATED ARTICLES OF ASSOCIATION 
  

 Exhibit-B 

 EXHIBIT C 
 SHAREHOLDERS AGREEMENT 
  

 Exhibit-C 

 EXHIBIT D 
 RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 
  

 Exhibit-D 

 EXHIBIT E 
 DISCLOSURE SCHEDULE 
  

 Exhibit-D 

 EXHIBIT E 
 DISCLOSURE SCHEDULE 
 This Disclosure Schedule is made and given pursuant to Article 3 of the SERIES A PREFERRED
SHARE PURCHASE AGREEMENT (this “Agreement”) executed as of September 6, 2006, by and among PERFECT WORLD CO., LTD., an exempted company organized under the laws of the Cayman Islands (the “Company”), PERFECT
HUMAN HOLDING COMPANY LIMITED, a business company organized under the laws of the British Virgin Islands (“Perfect Human”), PROSPEROUS WORLD COMPANY LIMITED, a business company organized under the laws of the British Virgin Islands
(“Prosperous World”), BEIJING POWER CREATIVE WEB TECH. CO., LTD., a wholly owned foreign enterprise incorporated under the laws of the PRC (the “PRC Subsidiary”), BEIJING PERFECT WORLD CO., LTD., a limited liability
company incorporated under the laws of the PRC (the “Operating Company”), the persons listed in Schedule A attached to this Agreement (the “Founders”), and SB ASIA INVESTMENT FUND 11, L.P., an exempted limited
partnership organized and existing under the laws of the Cayman Islands and its affiliated companies (the “Investors”).Unless the context otherwise requires, all capitalized terms are used herein as defined in the Agreement.

 Section 3.2(a)(iii) 
 None.

 Section 3.5 Governmental Consents 
 The governmental consents required in connection with the consummation of the transactions contemplated by the Agreement or the Ancillary Agreements are listed as follows: 
  

 Exhibit-F 

							
	No.	  	 Governmental Authority
	  	 Approval Time
	  	 Approval Content

				
	1	  	Beijing Branch, State Administration of Foreign Exchange	  	June 13, 2006	  	Mr. Yufeng Chi, Mr. Huan Su and Mr. Furui Chen completed the foreign exchange registration of overseas investment by individual residents in P.R. China necessary for duly incorporation of the
Company, Perfect Human and Prosperous World.
				
	2	  	Hai Dian Park Administration Committee, Zhong Guan Cun Technology Park	  	August 16, 2006	  	The Reply Approving the Articles of Association of Foreign Invested Enterprise BEIJING POWER CREATIVE WEB TECH. CO., LTD. (the “PRC Subsidiary”) was issued, Hai Yuan Fa
[2006]1202.
				
		  	Beijing Municipal Government	  	August 21, 2006	  	The PRC Approval Certificate for Foreign Invested Enterprise in relation to the duly incorporation of PRC Subsidiary was issued, Certificate No. Shang Wai Zi Jing Zi Zi [2006]17230. However, the
validity of this Certificate is still subject to fulfillment in future of the payment obligation respecting the registered capital of the PRC Subsidiary on the part of the Company.
				
	3	  	Beijing Municipal Administration of Industry and Commerce	  	August 21, 2006	  	Business License of the PRC Subsidiary was issued.
				
	4	  	Beijing Municipal State Taxation Bureau	  	to be obtained after the Closing	  	Certificate for State Taxation Registration of the PRC Subsidiary needs to be obtained.
				
	5	  	Beijing Municipal Local Taxation Bureau	  	to be obtained after the Closing	  	Certificate for Local Taxation Registration of the PRC Subsidiary needs to be obtained.

  

 Exhibit-I 

							
				
	6	  	Beijing Haidian District Quality and Technology Supervision Bureau	  	to be obtained after the Closing	  	Certificate for Reference Code of Organizations and Institutions of the PRC Subsidiary needs to be obtained.
				
	7	  	Beijing Municipal Statistics Bureau	  	to be obtained after the Closing	  	Certificate for Statistic Registration of the PRC Subsidiary needs to be obtained
				
	8	  	Beijing Branch, State Administration of Foreign Exchange	  	to be opened after the Closing	  	Foreign Exchange Registration Certificate needs to be obtained and a foreign exchange account of the PRC Subsidiary needs to be opened.
				
	9	  	Beijing Municipal Science and Technology Administration Bureau	  	to be obtained after the Closing	  	Certificate for High Technology Enterprise of the PRC Subsidiary needs to be obtained.
				
	10	  	Beijing Branch, State Administration of Foreign Exchange	  	to be completed after the Closing	  	After the Closing, further registration in relation to the change of the equity interests in the Company needs to be proceeded by Mr. Chi Yufeng, Mr. Su Huan and Mr. Chen Furui.

 Section 3.8 Tax Matters 
 None 
 Section 3.10 Financial Statements 
 See Exhibit 3.10. 
  

 Exhibit-I 

 Section 3.11 Changes 
  

	(i)	Asset Transfer from the Operating Company to the PRC Subsidiary pursuant to the Restructuring necessary for the consummation of the transactions contemplated by the Agreement and
the Restructuring Agreements. 

  

	(ii)	Key Employees including Di He, Qing Li, Xiaoyin Lu and Qi Zhu will be transferred from the Operating Company to the PRC Subsidiary pursuant to the Restructuring necessary for the
consummation of the transactions contemplated by the Agreement and the Restructuring Agreements. 

  

	(iii)	None. 

  

	(iv)	None. 

  

	(v)	None. 

  

	(vi)	The Online Game Development Engine Software Wang You Shen V1.0 (Software Copyrights Registration Certificate, Ruan Zhu Deng Zi No. 024980), the Perfect World Three Dimension
Animation Development Engine Software V1.0 (Software Copyrights Registration Certificate, Ruan Zhu Deng Zi No. BJ4303), and the Perfect World Online Game Software V1.0 (Software Copyrights Registration Certificate, Ruan Zhu Deng Zi No. BJ2146) will
be transferred from the Operating Company to the PRC Subsidiary pursuant to the Restructuring Agreements. The amendment registration regarding the change of ownership of the abovementioned softwares with the relevant authority may be completed after
the Closing. 

  

	(vii)	None. 

  

	(viii)	None. 

  

	(ix)	None. 

 Section 3.12 Litigation 
 None 
  

 Exhibit-I 

 Section 3.13 Liabilities 
  

													
	No.	  	 Lender
	  	 Borrower
	  	Total Amount
(RMB Yuan)	  	 Term
	  	 Interest
	  	 Current situation

	1	  	Mr. Yufeng Chi	  	The Operating Company	  	5,000,000	  	2005.08.31 – 2006.08.30	  	 None
	  	Outstanding
							
	2	  	Mr. Yufeng Chi	  	The Operating Company	  	1,000,000	  	2005.11.05 – 2006.11.04	  	None	  	Outstanding
							
	3	  	Mr. Yufeng Chi	  	The Operating Company	  	2,000,000	  	2005.12.31 – 2006.12.30	  	None	  	Outstanding
							
	Total	  		  		  	8,000,000	  		  		  	

 Section 3.14 Material Contracts 
  

	(i)	The Operating Company has entered into the following Material Contacts that involve payments in excess of US$10,000: 

  

									
	 No.
	  	 Opposite
	  	 Name of the Material Contracts
	  	 Effective Date
	  	 Expiration Date

	 1
	  	Sichuan Public Information Industry Co., Ltd.	  	Online Game Contract	  	2005.09.01	  	2007.12.01
					
	 2
	  	Beijing Jiesi Xunte Information Technology Co., Ltd.	  	Online Game Contract	  	2005.09.18	  	2007.09.20
					
	 3
	  	Shanghai Information Industry (Group) Co., Ltd. Game Center	  	IDC Hosting Supplementary Contract	  	2005.10.01	  	2006.09.30
					
	 4
	  	Beijing Jiesi Xunte Information Technology Co., Ltd.	  	IDC Hosting Contract	  	2005.12.19	  	2005.12.19

  

 Exhibit-I 

									
					
	 5
	  	Shanghai Mengchi Network Technology Co., Ltd.	  	IDC Hosting Contract	  	2005.12.26	  	2005.12.26
					
	 6
	  	Shenzhen Century Kaixuan Technology Co., Ltd.	  	2006 Tencent Advertising Dept. Framework Agreement	  	2006.01.01	  	2006.12.31
					
	 7
	  	Beijing Hong En Education Science & Technology Co., Ltd.	  	House lease contract	  	2006.01.01	  	2006.12.31
					
	 8
	  	Shanghai Mengchi Network Technology Co., Ltd.	  	IDC Hosting Contract	  	2006.01.03	  	2007.01.02
					
	 9
	  	Beijing Junwang Technology Co., Ltd.	  	“Perfect World” joined Junwang All-in-one Card Exclusive General Agency Agreement.	  	2006.01.15	  	2006.01.15
					
	 10
	  	Beijing China Network Scene Advertising Co., Ltd.	  	“Computer Business Information Newspaper * Game World” Advertising Framework Agreement.	  	2006.02.01	  	2006.12.30
					
	 11
	  	Xi’an Gaoxin Public Broadband Network Service Co., Ltd.	  	IDC Hosting Contract	  	2006.03.15	  	2008.03.15
					
	 12
	  	Beijing Tengxin Interactive Advertising Co., Ltd.	  	Network Advertising Release Framework Agreement	  	2006.03.21	  	2006.12.31
					
	 13
	  	Beijing Zhongrun Huawen Advertising Co., Ltd.	  	“Software and CD” Advertising Release Contract	  	2006.04.01	  	2006.12.31
					
	 14
	  	Beijing Chuangshi Miracle Advertising Co., Ltd.	  	Chuangshi Miracle –SINA Advertising Framework Agreement	  	2006.04.01	  	2007.03.31
					
	 15
	  	Beijing Excellence Classic International Advertising Co., Ltd.	  	“Online Game World” 4-12 Advertising Release	  	2006.04.01	  	2006.12.31
					
	 16
	  	Zhang Naixian	  	House lease contract	  	2006.04.27	  	2007.04.26
					
	 17
	  	Beijing Kehai Electronic Press	  	“Internet Game Publishing Contract”	  	2006.04.29	  	2009.04.29
					
	 18
	  	Beijing Aoshi Lianheng Network Technology Co., Ltd.	  	IDC Hosting Contract	  	2006.04.18	  	2008.05.22
					
	 19
	  	Shanghai Zhiao Advertising Co., Ltd.	  	“Computer Game Tactics” 2006.6-2007.2 framework release	  	2006.06.01	  	2007.01.31

  

 Exhibit-I 

									
					
	 20
	  	“Home Computer and Games” magazine	  	“Home Computer and Games” >7 months advertising framework release	  	2006.06.01	  	2007.01.31
					
	 21
	  	Beijing Wanlian Jiye Advertising Co., Ltd.	  	Wanlian Jiye dissemination agreement	  	2006.06.01	  	2006.12.30
					
	 22
	  	Beijing Junwang Technology Co., Ltd.	  	“Legend of Martial Arts” (temporary name) joined Junwang All-in-one Card Exclusive General Agency Agreement.	  	2006.06.08	  	2007.09.15
					
	 23
	  	Taiwan Soft-world International Corporation	  	“Perfect World” online game agency contract	  	2006.06.16	  	2009.12.31
					
	 24
	  	Shanghai Mengchi Network Technology Co., Ltd.	  	IDC lease contract	  	2006.06.26	  	2008.06.26
					
	 25
	  	Beijing Shenglan Brother Printing & Binding Co., Ltd.	  	Beijing Shenglan poster printing contract	  	2006.07.18	  	2006.08.31
					
	 26
	  	Beijing Shenglan Brother Printing & Binding Co., Ltd.	  	Beijing Shenglan Brother “Legend of Martial Arts” poster and handbag contract	  	2006.07.24	  	2006.08.31
					
	 27
	  	Shanghai Qili Network Technology Co., Ltd.	  	Hosting contract	  	2006.08.01	  	2007.07.30
					
	 28
	  	Digiworld	  	“Perfect World” designated agency and license agreement	  	2006.07.29	  	2011.07.29
					
	 29
	  	Beijing Tengxin Interactive Advertising Co., Ltd.	  	Tengxin Interactive levels 2 & 3 advertising release framework agreement	  	2006.08.07	  	2006.12.31
					
	 30
	  	Beijing Lianmeng Movie Investment Co., Ltd.	  	“Legend of Martial Arts” online game product cooperation agreement	  	2006.08.11	  	2010.08.11

  

	(ii)	None. 

  

 Exhibit-I 

 Section 3.15(i) Compliance with Laws 
 The Property Lease Contract entered into on January 1,2006 by and between the leaser, Beijing Human Education Technology Co., Ltd. (in Chinese “

”), and the lease, the Operating Company is now subject to the registration process with the local Real Estate Administration Authority and the registration may be completed after the Closing.
Therefore, the parties thereto do not have the right of defence against a third person in the event any disputes arising out of or in relation to the Property Lease Contract occur notwithstanding the Property Lease Contract shall be in full force
between the parties themselves. The same problem also exists for the Property Lease Contract entered into on July 12, 2006 between the leaser, Beijing Human Education Technology Co., Ltd. (in Chinese “

”)and the lease, the PRC Subsidiary. 
 The car with the registered license No. Jing HD8961(the
“Car”) will be transferred from the Operating Company to the PRC Susidiary pursuant to one of the Restructuring Agreements, i.e., the Assets Transfer Agreement. The amendment registration regarding the change of ownership of the Car with
the relevant authority may be completed after the Closing. Before the completion of the registration, the Operating Company does not have the right of defence against a third person in the event of any disputes arising out of or in relating to the
Car notwithstanding the Assets Transfer Agreement shall be in full force between the parties themselves. 
 Some accounts payable with the total amount of
RMB 1,399,996.77 Yuan will be transferred from the Operating Company to the PRC Subsidiary pursuant to one of the Restructuring Agreements, i.e., the Asset Transfer Agreement. The prior approvals from all the concerned creditors may be obtained
after the Closing. 
 Section 3.16(ii) Permits 
 The ICP Certificate (No. 050016) and the Internet Culture Operation Certificate (Wen Wang Wen [2005]007) held by the Operating Company are being updated due to the change of the registered address of Operating Company
on April 30, 2005. The forgoing registration may be completed after the Closing. 
 Section 3.20 Interested Party Transactions

 See Section 3.13 hereof. 
  

 Exhibit-I 

 Section 3.21(i) Intellectual Property Rights 
 The registered softwares held by the Operating Company are listed as follows: 
  

									
	 No.
	  	 Name of the IPR
	  	 Certificate No.
	  	Registration No.	  	Initial Publication Date
	 1
	  	“Online game development engine” wangyoushen V1.0	  	 Software Copyrights
 Registration Certificate,
 Ruan Zhu Deng Zi No.
 024980
	  	2004SR06579	  	2004.07.08
					
	 2
	  	“Network Engineer” multimedia teaching software V1.0	  	 Software Copyrights
 Registration Certificate,
 Ruan Zhu Deng Zi No.
 BJ0955
	  	2004SRBJ0609	  	2004.07.30
					
	 3
	  	“Perfect World” online game software V1.0	  	 Software Copyrights
 Registration Certificate,
 Ruan Zhu Deng Zi No.
 BJ21460
	  	2005SRBJ0449	  	2005.05.18
					
	 4
	  	“Perfect World” 3D carton & animation development engine software V1.0	  	 Software Copyrights
 Registration Certificate,
 Ruan Zhu Deng Zi No.
 BJ4303
	  	2006SRBJ0495	  	2006.03.28

  

									
	 No.
	  	 Composition of the Trademark
	  	 Application Date
	  	 Application No
	  	 Class

	 1
	  	Perfect World (picture)	  	2004.10.19	  	4315295	  	9
					
	 2
	  	Perfect World (picture)	  	2004.10.19	  	4315296	  	16

  

 Exhibit-I 

									
					
	3	  	Perfect World (picture)	  	2004.10.19	  	4315294	  	35
					
	4	  	Perfect World (picture)	  	2004.10.19	  	4315293	  	42
					
	5	  	Perfect World (

)	  	2004.5.11	  	4057078	  	38
					
	6	  	Perfect World (

)	  	2004.10.19	  	4315292	  	41
					
	7	  	World War (

)	  	2006.4.5	  	5264908	  	9
					
	8	  	World War	  	2006.7.24	  	5264907	  	9
					
	9	  	Dream World (

)	  	2006.3.8	  	5197511	  	9
					
	10	  	Dream World (

)	  	2006.3.8	  	5197510	  	16
					
	11	  	Legend of Martial Art (

)	  	2006.3.14	  	5211019	  	9
					
	12	  	Legend of Martial Art (

)	  	2006.3.8	  	5197509	  	16
					
	13	  	Remote Travel ( 

)	  	2004.11.24	  	4378537	  	9

 In addition, the Operating Company has filed trademark applications for “

” (“Zhu Xian”) and “

” (“Bai Bian Xi Yau”) in classes of 9 and 16 respectively in May 2006 and have not received acceptance notices from the trademark burearu. 
  

 Exhibit-I 

 The domain names held by the Operating Company are listed as follows: 
  

									
	No.	  	 Name of the Domain Name
	  	 Certificate
	  	 Registration Date
	  	 Expiration Date

	1	  	world2.cn	  	 CNNIC PRC National Top
 Domain Name Registration
 Certificate
	  	2006.02.28	  	2008.04.08
					
	2	  	world2.com.cn	  	 CNNIC PRC National Top
 Domain Name Registration
 Certificate
	  	2006.02.28	  	2008.04.08

 The internet keyword held by the Operating Company: 
  

									
	No.	  	 Name of the Internet Keyword
	  	 Certificate No.
	  	 Registration Date
	  	 Effective Term

	1	  	Perfect World (

)	  	 National Internet Key Word
 Registration Certificate,
 No. 20050708860361
	  	2005.07.08	  	2005.06.22-2009.06.22

 Section 3.23 Labor Agreements 
 Except for the Incentive Plan applicable to the Operating Company’s employees including Di He, Qing Li, Xiaoyan Lu and Qi Lan effective as of April 1, 2006 to
March 31, 2007, neither the Company nor the Group Companies are a party to or bound by any currently effective employment contract, deferred compensation agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement or other
employee compensation agreement. 
 Section 3.25 specific Events 
 None. 
  

 Exhibit-I 

 EXHIBIT F 
 CAPITALIZATION TABLE 
 (With 50,000,000 total authorized shares) 
 ( Immediately upon Closing ) 
  

																		
	 Share
 Holding
 Structure
	 	 	  	Pre-money	 	 	Post-money	 
	 	 	  	 	Pre-ESOP	 	 	Post-ESOP	 
	 	 	  	number of
shares	  	%
holdings	 	 	number of
shares	  	%
holdings	 	 	number of
shares	  	%
holdings	 
	 	Common Shares	  		  			 		  			 		  		
	 	  
 Perfect Human
	  	9,239,714	  	58.27	%	 	9,239,714	  	40.42	%	 	9,239,714	  	36.75	%
	 	  
 Prosperous World
	  	5,367,429	  	33.85	%	 	5,367,429	  	23.48	%	 	5,367,429	  	21.35	%
	 	  
 Sharon Wei
	  	200,000	  	1.26	%	 	200,000	  	0.87	%	 	200,000	  	0.80	%
	 	  
 Fang Fang
	  	50,000	  	0.32	%	 	50,000	  	0.22	%	 	50,000	  	0.20	%
	 	  
 Preferred Shares
	  		  			 		  			 		  		
	 	  
 Perfect Human
	  	500,000	  	3.15	%	 		  			 		  		
	 	  
 Prosperous World
	  	500,000	  	3.15	%	 		  			 		  		
	 	  
 SAIF
	  		  			 	8,000,000	  	35.00	%	 	8,000,000	  	31.82	%
	 	  
 SAIF Common Shares
	  		  			 		  			 		  		
	 	  
 SAIF
	  		  			 	571,429	  	2.50	%	 	571,238	  	2.27	%
	 	  
 ESOP
	  		  			 		  			 		  		
	 	  
 The Company
	  		  			 	1,714,286	  	7.50	%	 	1,714,762	  	6.82	%
	 	  
 Total
	  	15,857,143	  	100	%	 	25,142,858	  			 	25,142,858	  	100	%

  

 Exhibit-F 

 EXHIBIT G 
 RESTRUCTURING AGREEMENTS 
  

	1.	Asset Transfer Agreement; 

  

	2.	Equity Pledge Agreement; 

  

	3.	Option Agreement; 

  

	4.	Operating Agreement; 

  

	5.	Exclusive Technology Consulting and Services Agreement; 

  

	6.	Power of Attorney; and 

  

	7.	Software License Agreement. 

  

 Exhibit-G 

 EXHIBIT H 
 BUSINESS PLAN 
  

 Exhibit-I 

 Business Plan 
 During the one-year period after the signing date, i.e. from September 2006 to August 2007, the company will expand quickly and number of employees will increase to about 500. It is predicted that five new games will be rolled out
successively. Fruitful financial results will be achieved within this year. Business plan is as follows: 
 I. R & D plan 
 1. R & D team: currently, there are 142 R & D personnel, including 49 persons for planning, 16 persons for programming and 77 persons for art design. It is
predicted that in 3-5 months to come, 15-20 new employees will be added. Until then, the number of R & D team members will be 155-160. This can guarantee that two to three games are developed simultaneously. 
 2. R & D projects 
  

							
	 Project Name
	 	 Starting date of development
	 	 Testing date
	 	 Initial charging date

	Legend of Martial Arts	 	July 2006	 	August 2006	 	October 2006
	Perfect World (free)	 	April 2006	 	September 2006	 	November 2006
	Baibian Xiyou	 	June 2006	 	December 2006	 	January 2007
	World War	 	August 2006	 	February 2007	 	March 2007
	Leisure Game (name to be determined)	 	October 2006	 	February 2007	 	May 2007
	Perfect Martial Arts	 	February 2006	 	May 2007	 	July 2007

  

	•	 	 “Legend of Martial Arts”: Chinese Kong Fu background, 3D, Q version large-sized MMORPG game. It will be rolled out at the end of August. It is a promising
great works. 

  

	•	 	 “Perfect World” (free version): Chinese fanciful and illusory background, 3D, realistic large-sized MMORPG game. In order to meet the demands of overseas
market, free version is developed on the basis of “Perfect World” charging version. This free version will also be launched in China in November. 

  

	•	 	 “Baibian Xiyou”: “Journey to the West” background, 3D, Q version, bout-type MMORPG game. 

  

	•	 	 “World War”: multicultural fanciful and illusory background (China and Europe), 3D, realistic large-sized MMORPG game. This will be another world-class
product with a big investment. 

  

	•	 	 “Leisure Game” (name to be determined): fashion sports subject, Q version MMORPG leisure game. 

  

	•	 	 “Perfect Martial Arts”: Chinese Kong Fu background, 3D, realistic large-sized MMORPG game. 

 II. Operation plan 
 1. Operation team: current, there are 170 operation
personnel. It is forecast that as 6 games are launched onto the market, operation team will quickly expand and the number of personnel will increase to about 350 
 2. Domestic market: domestic market is our most important market. We will continue to operate 

  

 Exhibit-I 

 
independently developed online games by leveraging our advantages, including powerful operation team, effective publicity strategy, comprehensive marketing
mode, healthy public relations and implementing the marketing strategy of famous star spokesman, online promotion, offline promotion and channels. Besides, we will enter relevant Internet leisure entertainment and mobile entertainment value-added
fields based on our own development strength and user resources and through cooperation, in an effort to build China’s largest digital entertainment platform and provide diversified digital entertainment products and services for Chinese users.

 3. International market: international market is an important market we are developing. Currently, the countries and regions “Perfect World” is
already exported to include Taiwan, Japan and Vietnam; the countries and regions it will be exported to soon include Malaysia, Thailand, Singapore, Indonesia and Philippines; the countries and regions it is very likely to be exported to include
South Korea and USA; the countries and regions it may be exported to after endeavors include Germany, France, Russia and South America. “Perfect World” will be a Chinese game to be exported to the biggest number of countries and regions.
In addition, Q version online game “Legend of Martial Arts” that will be rolled out at the end of August will be smoothly exported to Taiwan, Japan, Vietnam, South Korea and other Asian countries by relying on the influence of Legend of
Martial Arts TV play in Southeast Asia. It is also promising to have a position in European and American markets. Once products enter overseas market, follow-up products will quickly win overseas market by means of already established channels.

 III. Profit forecast 
 It is predicted that the income between
September 2006 and August 2007 is RMB 290.51 million and after-tax profits are RMB 130.95 million, detailed below: 
 Profit
Forecast Analysis during September 2006 and August 2007 
 Unit: RMB ten thousand 
  

																
	 Project expenses
	  	Perfect World	  	Legend of
Martial Arts	  	Baibian
Xiyou	  	World
War	  	Leisure
Game	  	Perfect
Martial Arts	 	 	Total
	 Sales income
	  	7,569	  	10,748	  	4,508	  	3,052	  	2,254	  	920	 	 	29,051
	 Operating expenses
	  	2,262	  	3,614	  	2,220	  	1,938	  	1,558	  	1,035	 	 	12,628
	 R & D expenses
	  	224	  	224	  	196	  	434	  	400	  	280	 	 	1,759
	 Administration
	  	15	  	15	  	13	  	33	  	28	  	14	 	 	117
	 Comprehensive enterprise taxes
	  	378	  	537	  	225	  	153	  	113	  	46	 	 	1,453
	 After-tax profits (¥)
	  	4,689	  	6,358	  	1,854	  	494	  	155	  	(455	)	 	13,095
	 After-tax profits ($)
	  	586	  	795	  	232	  	62	  	19	  	-57	 	 	1,637

 Friday, August 25, 2006 
  

 Exhibit-I 

 EXHIBIT I 
 OPINION OF CAYMAN ISLANDS COUNSEL 
  

 Exhibit-I 

 OPINION OF BRITISH VIRGIN ISLANDS COUNSEL 
  

 Exhibit-I 

 EXHIBIT J 
 OPINION OF PRC COUNSEL 
  

 Exhibit-J 

 EXHIBIT K 
 INTELLECTUAL PROPERTY, CONFIDENTIALITY AND NON-COMPETITION AGREEMENT 
  

 Exhibit-K 

 EXHIBIT L 
 CURRENT LICENSES AND PERMITS OF THE OPERATING COMPANY 
  

	1.	Business license dated April 30, 2005 issued by the Beijing Administration for Industry and Commerce, pursuant to which the Operating Company is authorized to conduct internet
information service business; 

  

	2.	Telecommunication and Information Services Operating License issued by the Beijing Municipal Telecommunications Administrative Bureau valid from June 6, 2005 to March 31,
2010, pursuant to which the Operating Company is authorized to provide information service through internet; 

  

	3.	Website Culture Operating License issued by the Ministry of Culture dated January 25, 2005, pursuant to which the Operating Company is authorized to produce and disseminate
game products through internet; 

  

	4.	Certificate of Advanced Technology Enterprise dated March 29, 2004; and 

  

	5.	BBS Permit by the Beijing Municipal Telecommunications Administrative Bureau. 

  

 Exhibit-LRight of First Refusal and Co-sale Agreement among the Registrant

 Exhibit 4.7 
 RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 
 THIS RIGHT OF FIRST REFUSAL AND CO-SALE
AGREEMENT (this “Agreement”) is entered into as of September 6, 2006 by and among PERFECT WORLD CO., LTD., an exempted company duly incorporated and validly existing under the laws of the Cayman Islands (the
“Company”), each of the persons set forth in Schedule A hereto (the “Founders” and each, a “Founder”), PERFECT HUMAN HOLDING COMPANY LIMITED, a business company organized under the
laws of the British Virgin Islands (“Perfect Human”), PROSPEROUS WORLD COMPANY LIMITED, a business company organized under the laws of the British Virgin Islands (“Prosperous World”) and SB ASIA INVESTMENT FUND II,
L.P., a limited partnership organized and existing under the laws of Cayman Islands and its affiliate companies (the “Investors”). 
 Capitalized terms used herein without definitions shall have the meanings set forth in the Share Purchase Agreement (as defined below). 
 RECITALS 
  

	A.	The Company, Perfect Human, Prosperous World, the Investors and the Founders have entered into a Series A Preferred Share Purchase Agreement dated September
    , 2006 (the “Share Purchase Agreement”). 

  

	B.	It is a condition precedent under the Share Purchase Agreement that the Company, the Investors and the Founders enter into this Agreement for the purpose of setting forth herein the
right of first refusal and co-sale rights. 

 WITNESSETH 
 NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Definitions. The following terms shall
have the meanings ascribed to them below: 
 “Affiliate” means, with respect to a Person, any other Person
that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this Agreement, “control” means, when used with respect to any Person, power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “affiliated,” “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Equity Securities” means any Ordinary shares or Ordinary share Equivalents
of the Company. 
 “Holder” means each Investor, together with the permitted transferees and assigns of such
Investor who become parties to this Agreement. 
 “Liquidation Event” means (i) any liquidation,
winding-up or dissolution of the Company; (ii) any, consolidation, amalgamation or merger of the Company with or into any Person, or any other corporate reorganization, in which the members of the Company immediately before such transaction own
less than fifty percent (50%) of the Company’s 

  

 1 

 
voting power immediately after such transaction (excluding any transaction effected solely for tax purposes or to change the Company’s domicile);
(iii) sale of all or substantially all of the assets of the Company, or (iv) the exclusive licensing of all or substantially all of the Company’s intellectual property to a third party. 
 “Ordinary shares” means the Company’s ordinary shares, with a par value of US$0.001 per share. 
 “Ordinary share Equivalents” means warrants, options and rights exercisable for Ordinary shares or securities convertible
into or exchangeable for Ordinary shares, including, without limitation, the Series A Preferred Shares. 
 “Permitted
Transferee” has the meaning set forth in Section 2.5 hereof. 
 “Qualified IPO” has the meaning
given to such term in the Company’s Memorandum and Articles of Association, as amended and restated from time to time. 
 “Series A Preferred Shares” means the Company’s Series A Preferred Shares, with a par value of US$0.001 per share, to be issued pursuant to the Share Purchase Agreement and issued to Perfect Human and Prosperous World
prior to the Share Purchase Agreement. 
 “Shares” means Ordinary shares or Series A Preferred Shares.

 2. Rights of First Refusal and Co-Sale Rights 
 2.1 Prohibition on Transfer of Shares. 
 (a) Holders of Ordinary shares. Except as provided in Sections 2.2 through
2.5 of this Agreement, none of the Founders, regardless of such Founder’s employment status with the Company, Perfect Human and Prosperous World, may transfer any direct or indirect interest in any Equity Securities now or hereafter owned or
held by such Founders, Perfect Human and Prosperous World prior to a Qualified IPO, unless otherwise approved in writing by the Holders. For the purposes hereof, redemption or repurchase of shares by the Company shall not be prohibited under this
clause. 
 (b) Prohibited Transfers Void. Any transfer of Equity Securities by any Founder, Perfect Human and Prosperous World not made
in compliance with this Agreement shall be null and void as against the Company, shall not be recorded on the books of the Company and shall not be recognized by the Company. 
 2.2 Rights of First Refusal. 
 (a)
Transfer Notice. Prior to the closing of a Qualified IPO, if any Founder, Perfect Human or Prosperous World proposes to transfer Equity Securities to one or more third parties pursuant to an understanding with such third parties (a
“Transfer”, such holder a “Transferor”), then the Transferor shall give the Company and each Holder written notice of the Transferor’s intention to make the Transfer (the “Transfer Notice”),
which shall include (i) a description and number of the Equity Securities to be transferred (the “Offered Shares”), (ii) subject to any applicable non-disclosure agreement with such third party, the identity of the
prospective transferee and (iii) the consideration and the material terms and conditions upon which 

  

 2 

 
the proposed Transfer is to be made. The Transfer Notice shall certify that the Transferor has received a firm offer from the prospective transferee and in
good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. 
 (b) Holders’
Option. 
 (i) Each Holder shall have an option for a period of twenty (20) days following the Holder’s receipt
of the Transfer Notice to elect to purchase its respective pro rata share of the Offered Shares at the same price and subject to the same material terms and conditions as described in the Transfer Notice. 
 (ii) Each Holder may exercise such purchase option and, thereby, purchase all or any portion of its pro rata share (with any re-allotments
as provided below) of the Offered Shares, by notifying Transferor and the Company in writing, before expiration of the twenty (20) day period as to the number of such shares that it wishes to purchase (including any re-allotment). 

(iii) Each Holder’s pro rata share of the Offered Shares shall be a fraction, the numerator of which shall be the number of Equity
Securities (assuming the exercise, conversion and exchange of any Ordinary shares Equivalents) owned by such Holder on the date of the Transfer Notice and the denominator of which shall be the total number of Equity Securities (assuming the
exercise, conversion and exchange of any Ordinary shares Equivalents) held by all Holders on such date. 
 (iv) If any Holder
fails to exercise such purchase option pursuant to this Section 2.2, the Transferor shall give notice of such failure (the “Re-allotment Notice”) to the Company and to each other Holder that elected to purchase its entire pro
rata share of the Offered Shares (the “Purchasing Holders”). Such Re-allotment Notice may be made by telephone if confirmed in writing within two (2) days. The Purchasing Holders shall have a right of re-allotment such that
they shall have ten (10) days from the date such Re-allotment Notice was given to elect to increase the number of Offered Shares they agreed to purchase under Section 2.2(b)(i) to include their respective pro rata share of the Offered
Shares contained in any Re-allotment Notice. 
 (v) Subject to applicable securities Laws, each Holder shall be entitled to
apportion Offered Shares to be purchased among its partners and Affiliates upon written notice to the Company and the Transferor. 
 (vi) If a Holder gives the Transferor notice that it desires to purchase Offered Shares, then payment for the Offered Shares shall be by check or wire transfer in immediately available funds of the appropriate currency, against delivery of
certificates for the Offered Shares to be purchased and properly endorsed transfer at a place agreed by the Transferor and all the participating Holders and at the time of the scheduled closing therefor, which shall be no later than forty-five
(45) days after the Company’s receipt of the Transfer Notice, unless such notice contemplated a later closing with the prospective third party transferee or unless the value of the purchase price has not yet been established pursuant to
Section 2.2(c). 
 (vii) Regardless of any other provision of this Agreement, if the Holders fail to exercise their
purchase option pursuant to this Section 2.2 with respect to all (and not less than all) of the Offered Shares, then the Transferor shall be under no obligation to transfer 

  

 3 

 
the Offered Shares to the Holders pursuant to this Section 2.2 and shall instead be free to sell such Offered Shares pursuant to the Transfer Notice,
subject to Sections 2.3 and 2.4. 
 (viii) The Transferor shall have the right to terminate or withdraw any Transfer Notice
and any intent to transfer Offered Shares at any time, whether or not any Holder has elected to purchase under this Section 2.2 any Offered Shares offered thereby. 
 (c) Valuation of Property. 
 (i) Should the purchase price specified in the Transfer
Notice be payable in property other than cash or evidences of indebtedness, the Holders shall have the right to pay the purchase price in the form of cash equal in amount to the fair market value of such property. 
 (ii) If the Transferor and the Holders cannot agree on such cash value within seven (7) days after the Holders’ receipt of the
Transfer Notice, the valuation shall be made by an appraiser of internationally recognized standing jointly selected by the Transferor and the Holders or, if they cannot agree on an appraiser within ten (10) days after the Holders’ receipt
of the Transfer Notice, each shall select an appraiser of internationally recognized standing and the two appraisers shall designate a third appraiser of internationally recognized standing, whose appraisal shall be determinative of such value.

 (iii) The cost of such appraisal shall be shared equally by the Transferor and the Holders, with the half of the cost borne
by the Holders to be borne pro rata by each Holder based on the number of shares such Holder has elected to purchase pursuant to this Section 2. 
 (iv) If the value of the purchase price offered by the prospective transferee is
not determined within the forty-five (45) day period specified in Section 2.2(b)(vi) above, the closing of the Holders’ purchase shall be held on or prior to the fifth (5th) business day after such valuation shall have been made pursuant to this Section 2.2(c). 
 2.3 Right of Co-Sale. 
 (a) To
the extent the Holders do not exercise their respective rights of first refusal as to all of the Offered Shares pursuant to Section 2.2, each Holder shall have the right to participate in such sale of Equity Securities on the same terms and
conditions as specified in the Transfer Notice by notifying the Transferor in writing within twenty (20) days after receipt of the Transfer Notice referred to in Section 2.2(a) (such Holder, a “Selling Holder”).

 (i) Such Selling Holder’s notice to the Transferor shall indicate the number of Equity Securities the Selling Holder
wishes to sell under its right to participate. 
 (ii) To the extent one or more of the Holders exercise such right of
participation in accordance with the terms and conditions set forth below, the number of Equity Securities that the Transferor may sell in the Transfer shall be correspondingly reduced. 
 (b) Each Selling Holder may elect to sell up to such number of Equity Securities equal to the product of (i) the aggregate number of the Offered
Shares being transferred following the exercise or expiration of all rights of first refusal pursuant to Section 2.2 hereof by (ii)

  

 4 

 
a fraction, the numerator of which is the number of Ordinary shares (including the number of Ordinary shares that would be issuable upon the exercise,
conversion or exchange of Ordinary share Equivalents) owned by the Selling Holder on the date of the Transfer Notice and the denominator of which is the total number of Ordinary shares (including the number of Ordinary shares that would be issuable
upon the exercise, conversion or exchange of Ordinary share Equivalents) owned by all Selling Holders and the Transferor on the date of the Transfer Notice. 
 (c) Each Selling Holder shall effect its participation in the sale by promptly delivering to the Transferor for transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which
represent the type and number of Equity Securities which such Selling Holder elects to sell; provided, however that if the prospective third-party purchaser objects to the delivery of Equity Securities in lieu of Ordinary shares, such
Selling Holder shall only deliver Ordinary shares (and therefore shall convert any such Equity Securities into Ordinary shares) and certificates corresponding to such Ordinary shares. The Company agrees to make any such conversion concurrent with
the actual transfer of such shares to the purchaser and contingent on such transfer. 
 (d) The share certificate or certificates that a
Selling Holder delivers to the Transferor pursuant to Section 2.3(c) shall be transferred to the prospective purchaser in consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in the Transfer Notice,
and the Transferor shall concurrently therewith remit to such Selling Holder that portion of the sale proceeds to which such Selling Holder is entitled by reason of its participation in such sale. 
 (e) To the extent that any prospective purchaser prohibits the participation of a Selling Holder exercising its co-sale rights hereunder in a proposed
Transfer or otherwise refuses to purchase shares or other securities from a Selling Holder exercising its co-sale rights hereunder, the Transferor shall not sell to such prospective purchaser any Equity Securities unless and until, simultaneously
with such sale, the Transferor shall purchase from such Selling Holder such shares or other securities that such Selling Holder would otherwise be entitled to sell to the prospective purchaser pursuant to its co-sale rights for the same
consideration and on the same terms and conditions as the proposed transfer described in the Transfer Notice. 
 2.4 Non-Exercise of
Rights. 
 (a) Subject to any other applicable restrictions on the sale of such shares, to the extent that the Holders have not exercised
their rights to purchase the Offered Shares within the time periods specified in Section 2.2 and the Holders have not exercised their rights to participate in the sale of the Offered Shares within the time periods specified in Section 2.3,
the Transferor shall have a period of sixty (60) days from the expiration of such rights in which to sell the Offered Shares, as the case may be, to the third-party transferee identified in the Transfer Notice upon terms and conditions
(including the purchase price) no more favorable to the purchaser than those specified in the Transfer Notice. 
 (b) In the event the
Transferor does not consummate the sale or disposition of the Offered Shares within sixty (60) days from the expiration of such rights, the Holders’ first refusal rights and co-sale rights shall continue to be applicable to any subsequent
disposition of the Offered Shares by the Transferor until such rights lapse in accordance with the terms of this Agreement. 
  

 5 

 (c) The exercise or non-exercise of the rights of the Holders under this Section 2 to purchase
Equity Securities from a Transferor or participate in the sale of Equity Securities by a Transferor shall not adversely affect their rights to make subsequent purchases from the Transferor of Equity Securities or subsequently participate in sales of
Equity Securities by the Transferor hereunder. 
 2.5 Limitations to Rights of First Refusal and Co-Sale. (a) Notwithstanding the
provisions of this Section 2, a Founder may sell or otherwise assign, with or without consideration, any Equity Securities now or hereafter held by such Founder, to an entity wholly-owned by such Founder, or to any spouse, lineal ancestors and
descendants, or to a trust, custodian, trustee, executor, or other fiduciary for the account of any of the foregoing, or to a trust for the Founder’s account, or a charitable remainder trust (collectively, the “Permitted
Transferees” and each, a “Permitted Transferee”) and such sale or assignment shall not be subject to Sections 2.1, 2.2 or 2.3, provided that (i) each such Permitted Transferee, prior to the completion of the
sale, transfer, or assignment, shall have executed documents, in form and substance reasonably satisfactory to the Holders, assuming the obligations of the Founder under this Agreement, including but not limited to Section 2.1 hereof, with
respect to the transferred securities and (ii) each Permitted Transferee shall have executed and delivered to the transferring Founder (with a copy to the Company) an irrevocable, unconditional and permanent power of attorney, all in form and
manner reasonably satisfactory to the Holders, effective immediately after the closing of such sale or assignment, appointing the transferring Founder (or his existing attorney-in-fact) as such Permitted Transferee’s attorney-in-fact and
authorizing him to vote, in his absolute discretion as the attorney-in-fact of the Permitted Transferee, any and all Equity Securities of the Company owned by such Permitted Transferee with respect to any Company related matters; and provided
further, that each Founder shall make no more than one (1) transfer to a Permitted Transferee under this Section 2.5. In addition to the foregoing, each Founder may sell or otherwise assign any Equity Securities now or hereafter held
by such Founder to another Founder, and such sale or assignment will not be subject to Sections 2.1, 2.2 or 2.3. 
 (b) The Investors will
inform the Company in a timely manner of their intent of transferring Series A Preferred Shares, such transfers, however, are not subject to a right of first refusal, co-sale rights, or other contractual conditions or restrictions on transfer,
except as required by law. 
 3. Assignments and Transfers; No Third Party Beneficiaries. Except as otherwise provided herein, this Agreement and the
rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any third party. Except as otherwise
provided herein, the rights of any Holder hereunder are only assignable in connection with the transfer (subject to applicable securities and other Laws) of Equity Securities held by such Holder but only to the extent of such transfer;
provided, however, that (1) the transferor shall, prior to the effectiveness of such transfer, furnish to the Company written notice of the name and address of such transferee and the Equity Securities that are being
assigned to such transferee, and (2) such transferee shall, concurrently with the effectiveness of such transfer, become a party to this Agreement as a Holder and be subject to all applicable restrictions set forth in this Agreement. This
Agreement and the rights and obligations of any party hereunder shall not otherwise be assigned without the mutual written consent of the other parties. 
 4. Legend. Each existing or replacement certificate for Shares now owned or hereafter acquired by the Founders shall bear the following legend: 
 “THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND BETWEEN
THE MEMBER, THE COMPANY AND CERTAIN HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENTS MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
  

 6 

 5. Further Instruments and Actions. The parties agree to execute such further instruments and to take such further
action as may reasonably be necessary to carry out the intent of this Agreement. Each party agrees to cooperate affirmatively with the other parties, to the extent reasonably requested by another party, to enforce rights and obligations pursuant
hereto. 
 6. Miscellaneous 
 6.1
Governing Law. This Agreement shall be governed by and construed under the laws of New York without regard to conflicts of law provisions. 
 6.2 Notices. Any notice required or permitted pursuant to this Agreement shall be given in writing and shall be given either personally or by next-day or second-day courier service, facsimile transmission, electronic mail or similar
means to the address as shown below the signature of such party on the signature page of this Agreement (or at such other address as such party may designate by 15 days’ advance written notice to the other parties to this Agreement given
in accordance with this Section). Where a notice is sent by next-day or second-day courier service, service of the notice shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an
internationally-recognized courier a letter containing the notice, with a confirmation of delivery, and to have been effected at the expiration of two days after the letter containing the same is sent as aforesaid. Where a notice is sent by
facsimile transmission or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organization, with a written confirmation of delivery, and to have been effected
on the day the same is sent as aforesaid. 
 6.3 Term. This Agreement shall terminate upon the earlier of the closing of a Qualified
IPO or a Liquidation Event. 
 6.4 Entire Agreement. This Agreement, the Share Purchase Agreement, the Shareholders’ Agreement of
even date herewith between and among the parties hereto and the exhibits hereto and thereto contain the entire understanding of the parties hereto with respect to the subject matter hereof, and supersede all other agreements between or among any of
the parties with respect to the subject matter hereof. 
 6.5 Amendments and Waivers. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of each of (i) the Company, (ii) Founders holding a majority
of the then-outstanding Equity Securities then held by all Founders assuming the exercise, conversion and exchange of any Ordinary share Equivalents (provided that any amendment that disproportionately and adversely affects any Founder shall also
require the consent of such affected Founder), and (iii) Holders representing a majority of the Series A Preferred Shares then held by all Holders. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the
parties and their respective successors and assigns. 
  

 7 

 6.6 Severability. In case any provision of the Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 6.7 Attorney’s Fees. In the event that any dispute among the parties to this Agreement should result in litigation, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and
expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including, without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs
and expenses of appeals. 
 6.8 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience and
ease of reference only and are not to be considered in construing or interpreting this Agreement. 
 6.9 Counterparts. This Agreement
may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for purposes of
the effectiveness of this Agreement. 
 6.10 Dispute Resolution. 
 (a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall
first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one party hereto has delivered to the other party hereto a written request for
such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of either party with notice to the other. 

(b) The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the
“Centre”). There shall be three arbitrators. The Holders and the Founders involved in such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration. Such arbitrators
shall be freely selected, and the parties shall not be limited in their selection to any prescribed list. The Chairman of the Centre shall select the third arbitrator, who shall be qualified to practice law in New York. If either party does not
appoint an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the Centre. 
 (c) The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the Centre in effect at the
time of the arbitration. However, if such rules are in conflict with the provisions of this Section 6.10, including the provisions concerning the appointment of arbitrators, the provisions of this Section 6.10 shall prevail. 
 (d) The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive law of New York and
shall not apply any other substantive Law. 
  

 8 

 (e) Each party hereto shall cooperate with the other in making full disclosure of and providing complete
access to all information and documents requested by the other in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. 
 (f) The award of the arbitration tribunal shall be final and binding upon the disputing parties, and either party may apply to a court of competent
jurisdiction for enforcement of such award. 
 (g) Either party shall be entitled to seek preliminary injunctive relief, if possible, from
any court of competent jurisdiction pending the constitution of the arbitral tribunal. 
 6.11 Rights Cumulative. Each and all of the
various rights, powers and remedies of a party hereto will be considered to be cumulative with and in addition to any other rights, powers and remedies which such party may have at law or in equity in the event of the breach of any of the terms of
this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such party. 
 6.12 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of
such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such right,
power or remedy at any other time or times. 
 6.13 No Presumption. The parties acknowledge that any applicable law that would require
interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived. If any claim is made by a party relating to any conflict, omission or ambiguity in the provisions of this
Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any party or its counsel. 
 [The remainder of this page is intentionally left blank] 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
	COMPANY:	 	 	 	PERFECT WORLD CO., LTD.
				
		 		 		 	For and on behalf of Perfect World Co., Ltd.
				
		 		 	By:	 	 /s/ Chi Yufeng

		 		 	Name:	 	
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	PO Box 309GT Ugland House
		 		 		 	135 South Church Street
		 		 		 	George Town, Grand Cayman
		 		 		 	Cayman Islands

  

 S-1 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
			
	FOUNDERS:	 		 	 /s/ Chi Yufeng

		 		 	CHI YUFENG
		 		 	Passport Number: 110108197109148935
		 		 	Address:	 	Room 1205 Unit 2 Building 5 Jindu Xiaoqu
		 		 		 	Yangzheng, Shunyi District, Beijing
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 58851012
			
		 		 	 /s/ Su Huan

		 		 	SU HUAN
		 		 	Passport Number: 120102197304291730
		 		 	Address:	 	10-1-301 Hejinli, Daqiao Road,
		 		 		 	Hedong District, Tianjin
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 6586-5910
			
		 		 	 /s/ Chen Furui

		 		 	CHEN FURUI
		 		 	Passport Number: 110108195901298217
		 		 	Address:	 	2-3-353 No.48 Block, Jiaoda East Road,
		 		 		 	Haidian District, Beijing
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 62790677
			
		 		 	 /s/ Sharon Wei

		 		 	SHARON WEI
		 		 	Passport Number: Z7946766
		 		 	Address:	 	Room 1705, Building No.2, Xiandaicheng,88
		 		 		 	Jianguolu, Chaoyang District, Beijing
		 		 		 	People’s Republic of China
			
		 		 	Fax: + 86 (10) 85804869
			
		 		 	 /s/ Fang Fang

		 		 	FANG FANG
		 		 	Passport Number: H90122213
		 		 	Address:	 	41C Estoril Court, 51 Garden Road,
		 		 		 	Central Hong Kong
			
		 		 	Fax: + 00852-25360747

  

 S-2 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
	 	 	 	 	PERFECT HUMAN HOLDING COMPANY LIMITED
			
	 	 	 	 	For and on behalf of Perfect Human Holding Company Limited
				
		 		 	By:	 	 /s/ Chi Yufeng

		 		 	Name:	 	
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	PO Box 173 Kingston Chambers
		 		 		 	Road Town, Tortola, British Virgin Islands
			
		 		 	PROSPEROUS WORLD COMPANY LIMITED
			
		 		 	For and on behalf of Prosperous World Company Limited
				
		 		 	By:	 	 /s/ Su Huan

		 		 	Name:	 	
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	PO Box 173 Kingston Chambers
		 		 		 	Road Town, Tortola, British Virgin Islands

  

 S-3 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

							
	INVESTOR(S):	 	 	 	SB ASIA INVESTMENT FUND II, L.P.
				
		 		 	By:	 	 /s/ Andrew Y. Yan

		 		 	Name:	 	Andrew Y. Yan
		 		 	Capacity:	 	Authorized Signatory
				
		 		 	Address:	 	
		 		 		 	c/o M&C Corporate Services Limited
		 		 		 	PO Box 309GT
		 		 		 	Ugland House, South Church Street
		 		 		 	George Town, Grand Cayman
		 		 		 	Cayman Islands
			
		 		 	With a copy to:
		 		 		 	c/o SAIF Advisors
		 		 		 	1001 China Resources Building
		 		 		 	No. 8 Jianguomenbei Avenue
		 		 		 	Beijing 100005
		 		 		 	People’s Republic of China
		 		 	Attention: Daniel Yang
		 		 	Fax: +86 (10) 8519-2048
			
		 		 	And a copy to:
		 		 		 	c/o SAIF Advisors
		 		 		 	Suites 2115-2118, Two Pacific Place
		 		 		 	88 Queensway, Hong Kong
		 		 	Attention: Brandon Lin
		 		 	Fax: +(852) 2234-9116

  

 S-4 

 SCHEDULE A 
 FOUNDERS 
 CHI YUFENG 
 SU HUAN 
 CHEN FURUI 
 SHARON WEI

 FANG FANG

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