Document:

EX-4.23

 Exhibit 4.23 

This document is a translation of the original text in Chinese 

Amended and Restated Equity Purchase and Transfer Option Agreement 5 

This Amended and Restated Equity Purchase and Transfer Option Agreement (this “Agreement”) is entered into by and among the
following parties as of December 16, 2015 in Beijing: 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Party B: Jiping Liu 

Party C: Beijing Perusal Technology Co., Ltd. 
  

	 	Address:	Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8 

   Northeast Wangxi
Road, Haidian District, Beijing 
 Parties A, B and C are referred to as a “Party” individually and “Parties”
collectively hereinafter. 
 WHEREAS: 
  

	1.	Party A, a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”), which has technology expertise and practical experience in computer software
development and design, and also has rich experience and professionals in information technology and service; 

  

	2.	Party C is a limited liability company incorporated in the PRC and engages in value-added telecommunication services, including internet information services. 

 

	3.	Party B is a shareholder of Party C, holding 80% of the shares in Party C (the “Equity Interest”). 

  

	4.	Parties A and B entered into the Amended and Restated Loan Agreement 5 on December 16, 2015, pursuant to which Party B obtained an interest-free loan of RMB1,004,000,000 from Party A (the “Loan Arrangement”)
for Party B to invest in Party C. 

  

	5.	Parties A and C entered into a series of agreements, including Exclusive Technology Consulting and Service Agreement (the “Service Agreement”), on June 23, 2006. 

 

	6.	Parties A and B entered into the Amended and Restated Equity Pledge Agreement 5 (the “Equity Pledge Agreement) on December 16, 2015. 

NOWTHEREFORE, the parties agree as follows: 
  

	1.	Purchase and Sale of Equity Interest 

  

	1.1	Grant of Rights 

 Party B (the “Transferor”) hereby irrevocably grants to Party A an
option to purchase or cause any designated person(s) (“Designated Persons”) to purchase, to the extent permitted under PRC Law, according to the steps determined by Party A, at the price specified in Section 1.3 of this Agreement, at
any time from the Transferor a portion or all of the equity interests held by Transferor in Party C (the “Option”). No Option shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to
the granting of the Option by Party B to Party A and/or the Designated Persons. The “person” set forth in this clause and this Agreement means an individual person, corporation, joint venture, partnership, enterprise, trust or a
non-corporation organization. 
  

	1.2	Exercise Steps 

 Subject to the stipulations of PRC laws and regulation, Party A and/or the
Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the equity interest purchased from Transferor (the “Purchased Equity Interest”) and the manner of purchase. 

	1.3	Purchase Price 

  

	 	1.3.1	For Party A to exercise the Option, the purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in price of the Purchased Equity Interest by the Transferor, unless
the applicable PRC laws and regulations require appraisal of the equity interests or stipulate other restrictions on the purchase price of equity interests. 

  

	 	1.3.2	If the applicable PRC laws require appraisal of the equity interests or stipulates other restrictions on the purchase price of Equity Interest at the time that Party A exercise the Option, the Parties agree that the
Purchase Price shall be set at the lowest price permissible under the applicable laws. 

  

	1.4	Transfer of the Purchased Equity Interest 

 Upon the exercise of the Option:

  

	 	1.4.1	The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity Interest Transfer Agreement with Party A and/or the Designated Persons (as
applicable) in form satisfactory to Party A; 

  

	 	1.4.2	The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary actions, without any security interest or other
conditions, transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons, and cause Party A and/or the Designated Persons to be the registered owner of the Purchased Equity Interest. In this Clause and this
Agreement, “Security Interest” includes but is not limited to the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of set-off,
ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge Agreement. 

  

	1.5	Payment 

 The payment of the Purchase Price shall be determined by the consultation of Party A
and/or the Designated Persons with the Transferor according to the applicable laws at the performance of Option. The Parties hereby agree that, subject to compliance with applicable laws and regulations, Transferor shall repay any amount that is
paid by Party A and/or the Designated Persons to Transferor in connection with the Purchased Equity Interest to Party A (provided however that the Transferor may deduct from such repayment the amount of taxes and fees, if any, that were incurred as
a result of the transaction contemplated by the Equity Interest Transfer Agreement). 
  

	2.	Undertakings related to the Equity Interest 

  

	2.1	Undertakings related to Party C 

 Party B and Party C hereby undertake that in
relation to Party C: 
  

	 	2.1.1	Without prior written consent by Party A, not, in any form, to supplement, amend or modify the Articles of Association of Party C, to increase or decrease registered capital of the corporation, or to change the
structure of the registered capital in any other forms; 

  

	 	2.1.2	According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate business and deal with works; 

 

	 	2.1.3	Without prior written consent by Party A, not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any asset, legitimate or beneficial interest of business or income of Party
C, or to approve any other security interest set on it; 

  

	 	2.1.4	Without prior written notice by Party A, not cause, inherit, guarantee or allow the existence of any debt, other than (i) the debt arising from normal or daily business but not from borrowing; and (ii) the
debt disclosed to Party A and obtained the written consent from Party A; 

  

	 	2.1.5	To normally operate all business to maintain the asset value of Party C, without make any action or nonfeasance that sufficiently affects its operation and asset value; 

  
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	 	2.1.6	Without prior written consent by Party A, not to enter into any material agreement, other than the agreements in the process of normal business (as in this paragraph, the amount in the Agreement that exceeds five
hundred thousand Yuan (RMB 500,000) shall be deemed as a material agreement); 

  

	 	2.1.7	Without prior written consent by Party A, not to provide loan or credit loan to any others; 

  

	 	2.1.8	Upon the request of Party A, to provide all materials of operation and finance of Party C; 

  

	 	2.1.9	Purchases and holds the insurance from the insurance company accepted by Party A. The insurance amount and category shall be the same with those held by the companies in the same area, operating the similar business and
owning the similar properties and assets with Party C; 

  

	 	2.1.10	Without prior written consent by Party A, not to merger or associate with any person, or acquire or invest in any person; 

  

	 	2.1.11	To notify Party A of the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the assets, business and income of Party C; 

 

	 	2.1.12	In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, do all requisite or appropriate action, and advance all requisite or appropriate accusation, or make
requisite or appropriate plea for all claims; 

  

	 	2.1.13	Without prior written notice by Party A, not to assign dividends in any form to shareholders in any form, but to assign all or part of its assignable profits to their own shareholders upon the request by Party A;

  

	 	2.1.14	According to the request of Party A, to appoint any person designated by Party A to be the directors of Party C. 

  

	2.2	Undertakings related to the Transferor 

 Party B hereby undertakes: 

 

	 	2.2.1	Without prior written consent by Party A, not, upon the execution of this Agreement, to sell, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of equity interest, or to approve any
other security interest set on it, with the exception of the pledge set on the equity interest of the Transferor subject to the Equity Pledge Agreement; 

  

	 	2.2.2	Without the prior written notice by Party A, not to decide or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that approves any sale, transfer, mortgage or dispose of any
legitimate or beneficial interest of equity interest, or allows any other security interest set on it, other than the pledge on the equity interests of Transferor pursuant to Equity Pledge Agreement; 

 

	 	2.2.3	With no prior written notice by Party A, not to agree or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that approves Party C to merger or associate with any person,
acquire any person or invest in any person; 

  

	 	2.2.4	To notify Party A the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the equity interest owned by Party B; 

 

	 	2.2.5	In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, conduct all requisite or appropriate actions, and make all requisite or appropriate claims, or make requisite or
appropriate defense against claims of compensation; 

  

	 	2.2.6	Upon the request of Party A, to appoint any person designated by Party A to be the directors of Party C; 

  

	 	2.2.7	Upon the request of Party A at any time, to transfer its equity interest immediately to the representative designated by Party A unconditionally at any time and abandon its prior right of first refusal of such equity
interest transferring to another current shareholder; 

  

	 	2.2.8	To prudently comply with the provisions of this Agreement and other agreements entered into collectively or respectively by the Transferor, Party C and Party A and perform all obligations under these agreements, without
taking any action or any nonfeasance that sufficiently affects the validity and enforceability of these agreements; 

  
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	 	2.2.9	To transfer all the dividends and profits in any other forms distributed by Party C to Party A. 

  

	2.3	Undertakings related to Party A 

 Party A undertakes: 

 

	 	2.3.1	Party A shall provide unlimited financial support to Party C unconditionally within an acceptable and reasonable scope when Party C needs any loan or financial support in any other form during its course of business;

  

	 	2.3.2	Party A agrees to waive its right to Party C’s repayment to the loans provided by Party A when Party C incurs losses during its operation and is unable to repay. Such inability of repayment shall be supported by
sufficient evidence. 

  

	3.	Representations and Warranties 

 As of the execution date of this Agreement and every
transferring date, the Transferor and Party C hereby represent and warrant collectively and respectively to Party A as follows: 
  

	3.1	It has the power and ability to enter into and deliver this Agreement, and any equity interest transferring Agreement (a “Transferring Agreement”, respectively) to which it is a party, for every single
transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this Agreement and the Transferring Agreements to which it is a party
constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

  

	3.2	The execution, delivery of this Agreement and any Transferring Agreement and performance of the obligations under this Agreement and any Transferring Agreement does not: (i) cause to violate any relevant laws and
regulations of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any agreement or instruments to which it is a party or having binding obligation on it, or constitute
the breach under any agreement or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any consent or approval to it and/or any continuing valid condition; or (v) cause any
consent or approval authorized to it to be suspended, removed, or into which other requests be added; 

  

	3.3	Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets; 

  

	3.4	Party C does not have any unpaid debt, other than (i) debt arising from its normal business; and (ii) debt disclosed to Party A and obtained by the written consent from Party A; 

 

	3.5	No litigation, arbitration or administrative procedure relevant to the equity interest and assets of Party C or the corporation is in the process, to be settled or potentially take place; 

 

	3.6	The Transferor bears the fair and salable ownership of its equity interest without setting any security interest on the aforesaid assets, other than the security interest pursuant to the Equity Pledge Agreement.

  

	4.	Assignment of Agreement 

  

	4.1	Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of the Party A. 

 

	4.2	Party B and Party C hereby agree that Party A shall be able to transfer all of its rights and obligation under this Agreement to any third party with its needs, and such transfer shall only be subject to a written
notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

  

	5.	Effective Date and Term 

  

	5.1	This Agreement shall be effective as of the date first set forth above. 

  
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	5.2	This Agreement shall be terminated upon the legal transfer of all the shares held by Party B to Party A and/or its Designated Person pursuant to this Agreement. 

 

	5.3	If Party A or Party C is terminated by the expiration of its operating period (including any extended period) or other causes in the term set forth in Section 5.2, this Agreement shall be terminated simultaneously,
except Party A has transferred its rights and obligations in accordance with Section 4.2 of this Agreement. 

  

	6.	Applicable Law and Dispute Resolution 

  

	6.1	Applicable Law 

 The execution, validity, construing and performance of this Agreement and the
disputes resolution under this Agreement shall be governed by the laws of PRC. 
  

	6.2	Dispute Resolution 

 The parties shall strive to settle any dispute arising from the
interpretation or performance in connection with this Agreement through friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after such dispute is raised, each party can submit such matter to
China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration shall take place in Beijing and the proceedings shall be conducted in Chinese. The arbitration award shall be final
conclusive and binding upon both parties. 
  

	7.	Taxes and Expenses 

 Every Party shall, according to the PRC laws, bear any and all
registering taxes, costs and expenses for equity transfer arising from the preparation and execution of this Agreement and all Transferring Agreements, and the completion of the transactions under this Agreement and all Transferring Agreements. 

 

	8.	Notices 

 Notices or other communications required to be given by any party pursuant to
this Agreement shall be written in Chinese and delivered personally or sent by registered mail or postage prepaid mail or by a recognized courier service or by facsimile transmission to the address of relevant each party or both parties set forth
below or other address of the party or of the other addressees specified by such party from time to time. The date when the notice is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly
served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date when the air registered mail with postage prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day
after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by facsimile transmission is deemed duly served upon the receipt time as is shown on the transmission confirmation of relevant documents.

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

Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Telephone: 010-59928888 
 Fax:
010-59928888 
 Party B: Jiping Liu 

Address: 
 Telephone: 

Fax: 
 Party C: Beijing
Perusal Technology Co., Ltd. 
 Address: Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8 

               Northeast Wangxi Road, Haidian District, Beijing 

Fax: 010-59927435 
 Telephone:
010-59928888 

  
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	9.	Confidentiality 

 The Parties acknowledge and confirm any oral or written materials
exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose to any
third party any relevant materials, but the following circumstances shall be excluded: 
  

	 	a.	The materials that is known or may be known by the public (but not include the materials disclosed by each party receiving the materials); 

 

	 	b.	The materials required to be disclosed subject to the applicable laws or the rules or provisions of stock exchange; or 

  

	 	c.	The materials disclosed by each Party to its legal or financial consultant relating the transaction of this Agreement, and this legal or financial consultant shall comply with the confidentiality set forth in this
Section. The disclosure of the confidential materials by staff or employed institution of any Party shall be deemed as the disclosure of such materials by such Party, and such Party shall bear the liabilities for breaching the contract. This Clause
shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason. 

 The
disclosure of information by the staff of consultants of any party shall be deemed as the disclosure by the party itself. This Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 

 

	10.	Further Warranties 

 The Parties agree to promptly execute documents reasonably required
to perform the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably required to perform the provisions and the aim of this Agreement or actions beneficial to it. 

 

	11.	Miscellaneous 

  

	11.1	Amendment, Modification and Supplement 

 Any amendment and supplement of this Agreement shall be
made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 

 

	11.2	Entire Agreement 

 Notwithstanding Section 5 of this Agreement, the Parties acknowledge
that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supercede and replace all prior or contemporaneous agreements and understandings orally or/and in writing. 

 

	11.3	Severability 

 If any provision of this Agreement is judged as invalid or non-enforceable
according to relevant Laws, the provision shall be deemed invalid only within the applicable area of the PRC Laws, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties
shall, through fairly consultation, replace those invalid, illegal or non-enforceable provisions with valid provisions that may bring the similar economic effects with the effects caused by those invalid, illegal or non-enforceable provisions. 

 

	11.4	Headings 

 The headings contained in this Agreement are for the convenience of reference only
and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Agreement. 
  

	11.5	Language and Copies 

 This Agreement is executed in Chinese in three (3) copies; each Party
holds one and each original copy has the same legal effect. 

  
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	11.6	Successor 

 This Agreement shall bind and benefit the successor of each Party and the transferee
allowed by each Party. 
  

	11.7	Survival 

 Any obligation taking place or at term hereof prior to the end or termination ahead
of the end of this Agreement shall continue in force and effect notwithstanding the occurrence of the end or termination ahead of the end of the Agreement. Sections 6, 8, 9 and 11.7 hereof shall continue in force and effect after the termination of
this Agreement. 
  

	11.8	Waiver 

 Any Party may waive the terms and conditions of this Agreement in writing with the
signature of the Parties. Any waiver by a Party to the breach by other Parties within certain situation shall not be construed as a waiver to any similar breach by other Parties within other situations. 

[No text below] 

  
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 IN WITNESS THEREFORE, the parties hereof have caused this Agreement to be executed by
their duly authorized representatives as of the date first written above. 
  

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

			
		
	Legal representative/Authorized representative:	  	 /s/ Zhan Wang

			
	
	Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)

			
	
	Party B: Jiping Liu

			
		
	 Signature:
	 	 /s/ Jiping Liu

			
	
	Party C: Beijing Perusal Technology Co., Ltd.

			
		
	Legal representative/Authorized representative:	  	 /s/ Zhan Wang

			
	
	Company seal: (with the company seal of Beijing Perusal Technology Co., Ltd.)

 This document is a translation of the original text in Chinese 

Amended and Restated Equity Purchase and Transfer Option Agreement 5 

This Amended and Restated Equity Purchase and Transfer Option Agreement (this “Agreement”) is entered into by and among the
following parties as of December 16, 2015 in Beijing: 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Party B: Yazhu Zhang 

Party C: Beijing Perusal Technology Co., Ltd. 

Address: Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8 

               Northeast Wangxi Road, Haidian District, Beijing 

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

WHEREAS: 
  

	1.	Party A, a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”), which has technology expertise and practical experience in computer software
development and design, and also has rich experience and professionals in information technology and service; 

  

	2.	Party C is a limited liability company incorporated in the PRC and engages in value-added telecommunication services, including internet information services. 

 

	3.	Party B is a shareholder of Party C, holding 20% of the shares in Party C (the “Equity Interest”). 

  

	4.	Parties A and B entereed into the Amended and Restated Loan Agreement 5 on December 16, 2015, pursuant to which Party B obtained an interest-free loan of RMB251,000,000 from Party A (the “Loan Arrangement”)
for Party B to invest in Party C. 

  

	5.	Parties A and C entered into a series of agreements, including Exclusive Technology Consulting and Service Agreement (the “Service Agreement”), on June 23, 2006. 

 

	6.	Parties A and B entered into the Amended and Restated Equity Pledge Agreement (the “Equity Pledge Agreement) on December 16, 2015. 

NOWTHEREFORE, the parties agree as follows: 
  

	1.	Purchase and Sale of Equity Interest 

  

	1.1	Grant of Rights 

 Party B (the “Transferor”) hereby irrevocably grants to Party A an
option to purchase or cause any designated person(s) (“Designated Persons”) to purchase, to the extent permitted under PRC Law, according to the steps determined by Party A, at the price specified in Section 1.3 of this Agreement, at
any time from the Transferor a portion or all of the equity interests held by Transferor in Party C (the “Option”). No Option shall be granted to any third party other than Party A and/or the Designated Persons. Party C hereby agrees to
the granting of the Option by Party B to Party A and/or the Designated Persons. The “person” set forth in this clause and this Agreement means an individual person, corporation, joint venture, partnership, enterprise, trust or a
non-corporation organization. 
  

	1.2	Exercise Steps 

 Subject to the stipulations of PRC laws and regulation, Party A and/or the
Designated Persons may exercise Option by issuing a written notice (the “Notice”) to the Transferor and specifying the equity interest purchased from Transferor (the “Purchased Equity Interest”) and the manner of purchase. 

 

	1.3	Purchase Price 

  

	 	1.3.1	 For Party A to exercise the Option, the purchase price of the Purchased Equity Interest (“Purchase

  
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Price”) shall be equal to the actual paid-in price of the Purchased Equity Interest by the Transferor, unless the applicable PRC laws and regulations require appraisal of the equity
interests or stipulate other restrictions on the purchase price of equity interests. 

  

	 	1.3.2	If the applicable PRC laws require appraisal of the equity interests or stipulates other restrictions on the purchase price of Equity Interest at the time that Party A exercise the Option, the Parties agree that the
Purchase Price shall be set at the lowest price permissible under the applicable laws. 

  

	1.4	Transfer of the Purchased Equity Interest 

 Upon the exercise of the Option:

  

	 	1.4.1	The Transferor shall, upon the terms and conditions of this Agreement and the Notice related to the Purchased Equity Interest, enter into Equity Interest Transfer Agreement with Party A and/or the Designated Persons (as
applicable) in form satisfactory to Party A; 

  

	 	1.4.2	The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite approval and consent of the government, conduct all necessary actions, without any security interest or other
conditions, transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons, and cause Party A and/or the Designated Persons to be the registered owner of the Purchased Equity Interest. In this Clause and this
Agreement, “Security Interest” includes but is not limited to the ensure, mortgage, pledge, the right or interest of the third party, any purchase right of equity interest, right of acquisition, right of first refusal, right of set-off,
ownership detainment or other security arrangements. But it does not include any security interest subject to the Equity Pledge Agreement. 

  

	1.5	Payment 

 The payment of the Purchase Price shall be determined by the consultation of Party A
and/or the Designated Persons with the Transferor according to the applicable laws at the performance of Option. The Parties hereby agree that, subject to compliance with applicable laws and regulations, Transferor shall repay any amount that is
paid by Party A and/or the Designated Persons to Transferor in connection with the Purchased Equity Interest to Party A (provided however that the Transferor may deduct from such repayment the amount of taxes and fees, if any, that were incurred as
a result of the transaction contemplated by the Equity Interest Transfer Agreement). 
  

	2.	Undertakings related to the Equity Interest 

  

	2.1	Undertakings related to Party C 

 Party B and Party C hereby undertake that in relation to Party
C: 
  

	 	2.1.1	Without prior written consent by Party A, not, in any form, to supplement, amend or modify the Articles of Association of Party C, to increase or decrease registered capital of the corporation, or to change the
structure of the registered capital in any other forms; 

  

	 	2.1.2	According to fair finance and business standard and tradition, to maintain the existence of the corporation, prudently and effectively operate business and deal with works; 

 

	 	2.1.3	Without prior written consent by Party A, not, upon the execution of this Agreement, to sale, transfer, mortgage or dispose, in any other form, any asset, legitimate or beneficial interest of business or income of Party
C, or to approve any other security interest set on it; 

  

	 	2.1.4	Without prior written notice by Party A, not cause, inherit, guarantee or allow the existence of any debt, other than (i) the debt arising from normal or daily business but not from borrowing; and (ii) the
debt disclosed to Party A and obtained the written consent from Party A; 

  

	 	2.1.5	To normally operate all business to maintain the asset value of Party C, without make any action or nonfeasance that sufficiently affects its operation and asset value; 

 

	 	2.1.6	Without prior written consent by Party A, not to enter into any material agreement, other than the agreements in the process of normal business (as in this paragraph, the amount in the Agreement that exceeds five
hundred thousand Yuan (RMB 500,000) shall be deemed as a material agreement); 

  
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	 	2.1.7	Without prior written consent by Party A, not to provide loan or credit loan to any others; 

  

	 	2.1.8	Upon the request of Party A, to provide all materials of operation and finance of Party C; 

  

	 	2.1.9	Purchases and holds the insurance from the insurance company accepted by Party A. The insurance amount and category shall be the same with those held by the companies in the same area, operating the similar business and
owning the similar properties and assets with Party C; 

  

	 	2.1.10	Without prior written consent by Party A, not to merger or associate with any person, or acquire or invest in any person; 

  

	 	2.1.11	To notify Party A of the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the assets, business and income of Party C; 

 

	 	2.1.12	In order to keep the ownership of Party C to all its assets, to execute all requisite or appropriate documents, do all requisite or appropriate action, and advance all requisite or appropriate accusation, or make
requisite or appropriate plea for all claims; 

  

	 	2.1.13	Without prior written notice by Party A, not to assign dividends in any form to shareholders in any form, but to assign all or part of its assignable profits to their own shareholders upon the request by Party A;

  

	 	2.1.14	According to the request of Party A, to appoint any person designated by Party A to be the directors of Party C. 

  

	2.2	Undertakings related to the Transferor 

  

	 	Party B	hereby undertakes: 

  

	 	2.2.1	Without prior written consent by Party A, not, upon the execution of this Agreement, to sell, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of equity interest, or to approve any
other security interest set on it, with the exception of the pledge set on the equity interest of the Transferor subject to the Equity Pledge Agreement; 

  

	 	2.2.2	Without the prior written notice by Party A, not to decide or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that approves any sale, transfer, mortgage or dispose of any
legitimate or beneficial interest of equity interest, or allows any other security interest set on it, other than the pledge on the equity interests of Transferor pursuant to Equity Pledge Agreement; 

 

	 	2.2.3	With no prior written notice by Party A, not to agree or support or execute any shareholders resolution on the Party C’s shareholders’ meeting that approves Party C to merger or associate with any person,
acquire any person or invest in any person; 

  

	 	2.2.4	To notify Party A the occurrence or the potential occurrence of the litigation, arbitration or administrative procedure related to the equity interest owned by Party B; 

 

	 	2.2.5	In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, conduct all requisite or appropriate actions, and make all requisite or appropriate claims, or make requisite or
appropriate defense against claims of compensation; 

  

	2.2.6	Upon the request of Party A, to appoint any person designated by Party A to be the directors of Party C; 

  

	 	2.2.7	Upon the request of Party A at any time, to transfer its equity interest immediately to the representative designated by Party A unconditionally at any time and abandon its prior right of first refusal of such equity
interest transferring to another current shareholder; 

  

	 	2.2.8	To prudently comply with the provisions of this Agreement and other agreements entered into collectively or respectively by the Transferor, Party C and Party A and perform all obligations under these agreements, without
taking any action or any nonfeasance that sufficiently affects the validity and enforceability of these agreements; 

  

	 	2.2.9	To transfer all the dividends and profits in any other forms distributed by Party C to Party A. 

  
 11 

	2.3	Undertakings related to Party A 

 Party A undertakes: 

 

	 	2.3.1	Party A shall provide unlimited financial support to Party C unconditionally within an acceptable and reasonable scope when Party C needs any loan or financial support in any other form during its course of business;

  

	 	2.3.2	Party A agrees to waive its right to Party C’s repayment to the loans provided by Party A when Party C incurs losses during its operation and is unable to repay. Such inability of repayment shall be supported by
sufficient evidence. 

  

	3.	Representations and Warranties 

 As of the execution date of this Agreement and every
transferring date, the Transferor and Party C hereby represent and warrant collectively and respectively to Party A as follows: 
  

	3.1	It has the power and ability to enter into and deliver this Agreement, and any equity interest transferring Agreement (a “Transferring Agreement”, respectively) to which it is a party, for every single
transfer of the Purchased Equity Interest according to this Agreement, and to perform its obligations under this Agreement and any Transferring Agreement. Upon execution, this Agreement and the Transferring Agreements to which it is a party
constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 

  

	3.2	The execution, delivery of this Agreement and any Transferring Agreement and performance of the obligations under this Agreement and any Transferring Agreement does not: (i) cause to violate any relevant laws and
regulations of PRC; (ii) constitute a conflict with its Articles of Association or other organizational documents; (iii) cause to breach any agreement or instruments to which it is a party or having binding obligation on it, or constitute
the breach under any agreement or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any consent or approval to it and/or any continuing valid condition; or (v) cause any
consent or approval authorized to it to be suspended, removed, or into which other requests be added; 

  

	3.3	Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets; 

  

	3.4	Party C does not have any unpaid debt, other than (i) debt arising from its normal business; and (ii) debt disclosed to Party A and obtained by the written consent from Party A; 

 

	3.5	No litigation, arbitration or administrative procedure relevant to the equity interest and assets of Party C or the corporation is in the process, to be settled or potentially take place; 

 

	3.6	The Transferor bears the fair and salable ownership of its equity interest without setting any security interest on the aforesaid assets, other than the security interest pursuant to the Equity Pledge Agreement.

  

	4.	Assignment of Agreement 

  

	4.1	Party B and Party C shall not transfer their rights and obligations under this Agreement to any third party without the prior written consent of the Party A. 

 

	4.2	Party B and Party C hereby agree that Party A shall be able to transfer all of its rights and obligation under this Agreement to any third party with its needs, and such transfer shall only be subject to a written
notice sent to Party B and Party C by Party A, and no any further consent from Party B and Party C will be required. 

  

	5.	Effective Date and Term 

  

	5.1	This Agreement shall be effective as of the date first set forth above. 

  

	5.2	This Agreement shall be terminated upon the legal transfer of all the shares held by Party B to Party A and/or its Designated Person pursuant to this Agreement. 

 

	5.3	If Party A or Party C is terminated by the expiration of its operating period (including any extended period) or other causes in the term set forth in Section 5.2, this Agreement shall be terminated simultaneously,
except Party A has transferred its rights and obligations in accordance with Section 4.2 of this Agreement. 

  
 12 

	6.	Applicable Law and Dispute Resolution 

  

	6.1	Applicable Law 

 The execution, validity, construing and performance of this Agreement and the
disputes resolution under this Agreement shall be governed by the laws of PRC. 
  

	6.2	Dispute Resolution 

 The parties shall strive to settle any dispute arising from the
interpretation or performance in connection with this Agreement through friendly consultation. In case no settlement can be reached through consultation within thirty (30) days after such dispute is raised, each party can submit such matter to
China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its rules. The arbitration shall take place in Beijing and the proceedings shall be conducted in Chinese. The arbitration award shall be final
conclusive and binding upon both parties. 
  

	7.	Taxes and Expenses 

 Every Party shall, according to the PRC laws, bear any and all
registering taxes, costs and expenses for equity transfer arising from the preparation and execution of this Agreement and all Transferring Agreements, and the completion of the transactions under this Agreement and all Transferring Agreements. 

 

	8.	Notices 

 Notices or other communications required to be given by any party pursuant to
this Agreement shall be written in Chinese and delivered personally or sent by registered mail or postage prepaid mail or by a recognized courier service or by facsimile transmission to the address of relevant each party or both parties set forth
below or other address of the party or of the other addressees specified by such party from time to time. The date when the notice is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly
served upon the delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date when the air registered mail with postage prepaid has been sent out (as is shown on the postmark), or the fourth (4th) day
after the delivery date to the internationally recognized courier service agency; and (c) a notice sent by facsimile transmission is deemed duly served upon the receipt time as is shown on the transmission confirmation of relevant documents.

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

Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Telephone: 010-59928888 
 Fax:
010-59928888 
 Party B: Yazhu Zhang 

Address: 
 Telephone: 

Fax: 
 Party C: Beijing Perusal
Technology Co., Ltd. 
 Address: Room A2, 2/F, No.17 Building, Zhongguancun Software Park, No.8 Northeast Wangxi Road, Haidian District,
Beijing 
 Fax: 010-59927435 

Telephone: 010-59928888 
  

	9.	Confidentiality 

 The Parties acknowledge and confirm any oral or written materials
exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the secrecy and confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose to any
third party any relevant materials, but the following circumstances shall be excluded: 

  
 13 

	 	a.	The materials that is known or may be known by the public (but not include the materials disclosed by each party receiving the materials); 

 

	 	b.	The materials required to be disclosed subject to the applicable laws or the rules or provisions of stock exchange; or 

  

	 	c.	The materials disclosed by each Party to its legal or financial consultant relating the transaction of this Agreement, and this legal or financial consultant shall comply with the confidentiality set forth in this
Section. The disclosure of the confidential materials by staff or employed institution of any Party shall be deemed as the disclosure of such materials by such Party, and such Party shall bear the liabilities for breaching the contract. This Clause
shall survive whatever this Agreement is invalid, amended, revoked, terminated or unable to implement by any reason. 

 The
disclosure of information by the staff of consultants of any party shall be deemed as the disclosure by the party itself. This Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 

 

	10.	Further Warranties 

 The Parties agree to promptly execute documents reasonably required
to perform the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably required to perform the provisions and the aim of this Agreement or actions beneficial to it. 

 

	11.	Miscellaneous 

  

	11.1	Amendment, Modification and Supplement 

 Any amendment and supplement of this Agreement shall be
made by the Parties in writing. The amendment and supplement duly executed by each Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 

 

	11.2	Entire Agreement 

 Notwithstanding Section 5 of this Agreement, the Parties acknowledge
that this Agreement constitutes the entire agreement of the Parties with respect to the subject matters therein and supercede and replace all prior or contemporaneous agreements and understandings orally or/and in writing. 

 

	11.3	Severability 

 If any provision of this Agreement is judged as invalid or non-enforceable
according to relevant Laws, the provision shall be deemed invalid only within the applicable area of the PRC Laws, and the validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties
shall, through fairly consultation, replace those invalid, illegal or non-enforceable provisions with valid provisions that may bring the similar economic effects with the effects caused by those invalid, illegal or non-enforceable provisions. 

 

	11.4	Headings 

 The headings contained in this Agreement are for the convenience of reference only
and shall not affect the interpretation, explanation or in any other way the meaning of the provisions of this Agreement. 
  

	11.5	Language and Copies 

 This Agreement is executed in Chinese in three (3) copies; each Party
holds one and each original copy has the same legal effect. 
  

	11.6	Successor 

 This Agreement shall bind and benefit the successor of each Party and the transferee
allowed by each Party. 
  

	11.7	Survival 

 Any obligation taking place or at term hereof prior to the end or termination ahead
of the end of this Agreement shall continue in force and effect notwithstanding the occurrence of the end or termination ahead of the end of the Agreement. Sections 6, 8, 9 and 11.7 hereof shall continue in force and effect after the termination of
this Agreement. 

  
 14 

	11.8	Waiver 

 Any Party may waive the terms and conditions of this Agreement in writing with the
signature of the Parties. Any waiver by a Party to the breach by other Parties within certain situation shall not be construed as a waiver to any similar breach by other Parties within other situations. 

[No text below] 

  
 15 

 IN WITNESS THEREFORE, the parties hereof have caused this Agreement to be executed by
their duly authorized representatives as of the date first written above. 
  

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

			
		
	Legal representative/Authorized representative:	  	 /s/ Zhan Wang

			
	
	Company seal: (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.)
	
	Party B: Yazhu Zhang

			
		
	 Signature:
	 	 /s/ Yazhu Zhang

			
	
	Party C: Beijing Perusal Technology Co., Ltd.

			
		
	Legal representative/Authorized representative:	  	 /s/ Zhan Wang

			
	
	Company seal: (with the company seal of Beijing Perusal Technology Co., Ltd.)

  
 16EX-4.25

 Exhibit 4.25 

This document is a translation of the original text in Chinese 

Amended and Restated Loan Agreement 5 

This Amended and Restated Loan Agreement (this “Agreement”) is entered into on December 16, 2015 in Beijing, by and between: 

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

Registered Address: 3/F, No. 10 Shanghdi 10th Street, Haidian District, Beijing 

Party B: Jiping Liu 
 WHEREAS, 

 

	 	1.	Party A is a foreign invested enterprise incorporated under the laws of the PRC, 

  

	 	2.	Party B is a Chinese citizen, holding 80% of equity interests of Beijing Perusal Technology Co., Ltd. (“Beijing Perusal), and is the shareholder of Beijing Perusal; 

 

	 	3.	On July 9, 2015, Party A provided Party B with an interest-free loan of RMB 976 million yuan, used towards the investment in Beijing Perusal. With regards to such loan, Party A and Party B signed the Fourth Amended and
Restated Loan Agreement (the “Original Loan Agreement”) on July 9, 2015. 

  

	 	4.	The Parties propose to amend and restate the Original Loan Agreement as expressed herein. 

 Party A and Party
B, through friendly consultation, agree as follows: 
  

	 	1.	In accordance with the terms and conditions of this Agreement, Party A agrees to provide an interest-free loan in the amount of RMB 1.004 billion yuan (RMB 1,004,000,000.00) to Party B, and Party B agrees to accept such
loan. 

  

	 	2.	Party B confirms the receipt of such loan and has applied such loan toward payment of capital contribution of Beijing Perusal. 

  

	 	3.	The term of the loan under this Agreement shall commence on the date Party B receives such loan to the date 10 years from the execution of this Agreement, which may be extended upon mutual written consent of the
Parties. During the term of the loan or the extended term of the loan, Party A has the right to cause the loan to be due immediately by written notice, and require Party B to repay the loan in accordance to this Agreement in the event any of the
following circumstances occur to Party B: 

  

	 	a.	Party B leaves or is terminated from Party A or an affiliated company of Party A; 

  

	 	b.	Party B’s death, lack or limitation of civil capacity; 

  

	 	c.	Party B engages in criminal act or is involved in criminal activities; 

	 	d.	Any third party filed a claim against Party B that exceeds RMB 100,000; or 

  

	 	e.	Subject to the laws of the PRC, Party A or a person designated by Party A is permitted invest in Beijing Perusal to conduct internet information service business, value-added telecommunication business and other
business, and Party A has issued a written notice relating to the equity purchase of Beijing Perusal to such party pursuant to the provisions of the Exclusive Option Contract mentioned in article 4 hereof, to exercise purchase rights.

  

	 	4.	The parties herein agree and confirm that, to the extent and within the scope permitted by the laws of the PRC, Party A shall have the right but not the obligation to purchase or designated other persons (including
natural person, legal entity or any other entity) to purchase the equity interests of Beijing Perusal held by Party B in whole or in part (hereinafter referred to as “Option Right”), but Party A shall issue a written notice to purchase
equity interests to Party B. Upon Party A’s issuance of a written notice to exercise such Option, Party B shall, in accordance with Party A’s wishes and instructions, immediately transfer all of its equity interests in Beijing Perusal to
Party A or other persons as designated by Party A at the original investment price (“Original Investment Price”) or at another price agreed upon by Party A where the law otherwise requires. The Parties hereby agree and acknowledge, when
Party A exercises its Option Right, if in accordance to the applicable laws at the time, the lowest price of the equity interests permitted is higher than the Original Investment Price, then the purchase price of Party A or other persons designated
by Party A shall be the lowest price permitted by the laws. The parties agree to the above matters and have executed the Exclusive Option Contract. 

  

	 	5.	The parties herein agree and confirm that Party B may repay the loan only by the following methods: the borrower (or his successors or assignees) shall transfer the equity interest in Beijing Perusal to Party A or its
designated person and use the proceeds to repay the loan when the loan is due and Party A gives a written notice, or through another method as mutually agreed by the parties herein. 

 

	 	6.	The Parties herein agree and confirm that this loan is an interest-free loan unless there are different provisions in this Agreement. But if the loan is due and Party B has to transfer his equity interests in Beijing
Perusal to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, the extra amount over the principal of proceeds will be considered as the interests or capital use cost, to the
extent permitted by the law, which shall be repaid to Party A. 

  

	 	7.	The parties agree and confirm that Party B shall be deemed to have completed his obligations under this Agreement only if the following requirements are met: 

 

	 	a.	Party B has transferred all his equity interests in Beijing Perusal to Party A and/or its designated person; and 

  

	 	b.	Party B has repaid the total amount of proceeds from the equity interest transfer or the maximum amount (including principal and the maximum interests as permitted by the applicable laws at the time) permitted by
applicable laws to Party A. 

  

	 	8.	To secure the performance of debt under this Agreement, Party B agrees to pledge all of his equity interests in Beijing Perusal to Party A (the “Equity Pledge”). The parties agree to execute an equity pledge
agreement for the above matters. 

  
 2 

	 	9.	Party A hereby represents and warrants to Party B that, as of the execution date of this agreement: 

  

	 	a.	Party A is a wholly-owned foreign enterprise incorporated and validly existing under the laws of the PRC; 

  

	 	b.	Party A has the right to execute and perform this agreement. The execution and performance by Party A of this agreement comply with its business scope, Articles or other institutional documents, and Party A has taken
necessary actions to get all necessary and appropriate approvals and authorizations; 

  

	 	c.	The principal of the loan to Party B is legally owned by Party A; 

  

	 	d.	The execution and performance of this Agreement by Party A does not violate any law, regulation, approval, authorization, notice, other governmental document, any agreement between Party A and any third party, or any
promise made by Party A to a third party; and 

  

	 	e.	This Agreement shall constitute the legal, valid and binding obligations of Party A upon execution. 

  

	 	10.	Party B hereby represents and warrants to Party A that, from the execution date of this agreement until this Agreement terminates: 

  

	 	a.	Beijing Perusal is a limited liability company incorporated and validly existing under the laws of the PRC and Party B is the legal holder of the equity interest of Beijing Perusal; 

 

	 	b.	Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this Agreement comply with its business scope, Articles or other institutional documents, and Party B has taken
necessary actions to obtain all necessary and appropriate approvals and authorizations; 

  

	 	c.	The execution and performance of this Agreement by Party B does not violate any law, regulation, approval, authorization, notice, other governmental document, any agreement between Party B and any third party, or any
promise made by Party B to a third party; 

  

	 	d.	This Agreement shall constitute the legal, valid and binding obligations of Party B upon execution; 

  

	 	e.	Party B has paid contribution in full for the equity interests he holds in Beijing Perusal in accordance with applicable laws and regulations; 

 

	 	f.	Except the provisions stipulated in the equity pledge agreement and exclusive option agreement, Party B did not create any pledge or other security over his equity interest in Beijing Perusal, make any offer to a third
party to transfer his equity, make acceptance for the offer to a third party to purchase his equity, or execute any agreement with a third party to transfer his equity; 

 

	 	g.	There are no pending or potential disputes, litigation, arbitration, administrative proceedings or other legal proceedings in connection with the equity interests of Beijing Perusal held by Party B; 

 

	 	h.	Beijing Perusal has completed all necessary governmental approvals, licenses, registrations and filings. 

  

	 	11.	Party B undertakes, during the term of this Agreement, to: 

  

	 	a.	Not sell, transfer, pledge, dispose in any other manner of his equity interests in Beijing Perusal or other interests, and not allow to create other security interests over his equity interests without the prior written
consent of Party A, except pledges or other rights created in the interest of Party A; 

  
 3 

	 	b.	Not consent, support or execute any shareholder resolutions at Beijing Perusal’s shareholder’s meetings that permit the sale, transfer, pledge, disposal in any manner of, and the creation of other security
interests on, any of his legal or beneficiary equity interests without the prior written consent of Party A, except where transferring his equity interest to Party A; 

 

	 	c.	Not consent, support or execute any shareholder resolutions at Beijing Perusal’s shareholder meetings that permit Beijing Perusal to merge or combine with, or acquire or invest in, any person without Party A’s
prior written consent; 

  

	 	d.	Promptly inform Party A of any pending or threatened litigation, arbitration or regulatory procedures relating to the equity interests of Beijing Perusal; 

 

	 	e.	Execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to
maintain the equity interests of Beijing Perusal held by Party B; 

  

	 	f.	Refrain from any act or omission that may materially affect the assets, business and liabilities of Beijing Perusal without the prior written consent of Party A; 

 

	 	g.	Appoint any person nominated by Party A as the director of Beijing Perusal, subject to Party A’s request; 

  

	 	h.	Transfer promptly and unconditionally, at any time, all equity interests in Beijing Perusal held by Party B to Party A or its designated person subject to the request of Party A, provided that such transfer is permitted
under the laws of the PRC; 

  

	 	i.	Not request Beijing Perusal to distribute dividends or profits; 

  

	 	j.	Once Party B transfers his equity interest in Beijing Perusal to Party A or its designated person, he shall repay the consideration he receives as the principal and the interests or capital use cost to Party A if such
repayment is permitted under the laws of the PRC; 

  

	 	k.	Strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain from any act or omission that affects the validity and enforceability of this Agreement. 

 

	 	12.	Party B, as the shareholder of Beijing Perusal, undertakes to cause Beijing Perusal, during the term of this Agreement, to: 

  

	 	a.	Not supplement, amend or modify its articles of association, or increase or decrease its registered capital, or to change its capital structure in any form without the prior written consent of Party A;

  

	 	b.	Operate its business and handle matters prudently and affectively according to good financial and business rules and practices; 

  

	 	c.	Not sell, transfer, mortgage, dispose of in any other manner, or to create other security interests on, any of its assets, business or legal or beneficial rights to its income without the prior written consent of Party
A from the date of this Agreement; 

  

	 	d.	Not create, succeed to, guarantee or permit any liability, without the prior written consent of Party A, except (i) the liability arising from the ordinary or daily course of business operations, but not arising from
the loan; and (ii) the liability disclosed to Party A or approved by Party A in writing; 

  

	 	e.	Operate all businesses on a continued basis and maintain the value of its assets; 

  
 4 

	 	f.	Not execute any material contracts (for the purpose of this section, a contract will be deemed material if its value exceeds RMB 100,000) without the prior written consent of Party A, other than those executed during
the ordinary course of business; 

  

	 	g.	Provide information of all its operations and financial affairs at Party A’s request; 

  

	 	h.	Not merge or combine with, acquire or invest in, any other person without the prior written consent of Party A; 

  

	 	i.	Not distribute dividends to the shareholders in any way without the prior written consent of Party A, and upon Party A’s request, to promptly distribute all profits that may be distributed to all shareholders.

  

	 	j.	Promptly inform Party A of any pending or threatened litigation, arbitration or regulatory procedures relating to its assets, business or revenue; 

 

	 	k.	Execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to
maintain ownership of its assets; 

  

	 	l.	Strictly comply with the terms of the Exclusive Technology Service Agreement (“Service Agreement”) entered into between Beijing Perusal and Party A and other agreements, duly perform its obligations under the
Service Agreement and other agreements, and refrain from any act or omission that affects the validity and enforceability of the Service Agreement. 

  

	 	13.	This Agreement shall be binding on, and only in the interest of, all parties hereto and their respective successors and assignees. Without prior written consent of Party A, Party B shall not transfer, pledge or assign
any right, interest or obligation hereunder. 

  

	 	14.	Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written notice to Party B when it considers necessary. No further consent from Party B is required for such transfer.

  

	 	15.	The execution, validity, interpretation, performance, amendment, termination and dispute resolution of this Agreement are governed by the laws of the PRC. 

 

	 	16.	Arbitration 

  

	 	a.	Both Parties shall strive to settle any dispute, conflicts, or compensation claims arising from the interpretation or performance (including any issue relating to the existence, validity and termination) of this
Agreement through friendly consultation. In case no settlement can be reached within thirty (30) days after one party requests for settlement, each party can submit such matter to China International Economic and Trade Arbitration Commission (the
“CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties. 

  

	 	b.	The arbitration shall take place in Beijing. 

  

	 	c.	The arbitration language shall be Chinese. 

  

	 	17.	This Agreement shall become effective on the date of execution. Both Parties agree that the terms and conditions of this Agreement shall be effective as of the date on which Party B receives the loan, and shall expire
as of the date on which both Parties complete their obligations hereunder. 

  

	 	18.	Party B shall not terminate or revoke this Agreement under any circumstances unless (a) Party A commits a material error, fraud, or other material unlawful action; or (b) upon Party A’s bankruptcy.

  
 5 

	 	19.	This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written
agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement. 

  

	 	20.	This Agreement constitutes the entire agreement of the Parties with respect to the subject matter herein and supersedes and replaces all prior or contemporaneous verbal and written agreements and understandings between
the Parties. 

  

	 	21.	This Agreement is severable. The invalidity or unenforceability of any clause shall not affect the validity or enforceability of other clauses herein. 

 

	 	22.	Each Party shall protect the confidentiality of information concerning the other Party’s business, operation, financial situation or other confidential information obtained under this Agreement or during the
performance of this Agreement. 

  

	 	23.	Any obligation that is due before the expiration or early termination of this agreement shall survive such expiration or early termination. Section 15, 16, and 22 shall survive the termination of this Agreement.

  

	 	24.	This Agreement shall be executed in two counterparts, each Party shall hold on counterpart. All counterparts shall have the same legal effect. 

IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative on its behalf as of the date first set
forth above. 
 [No text below] 

  
 6 

 [No text on this page] 

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

Legal representative/authorized representative: 
 Company seal:
/s/ Baidu Online Network Technology (Beijing) Co., Ltd. 
 Party B:    Jiping Liu 

Signature: /s/ Jiping Liu 

  
 7 

 This document is a translation of the original text in Chinese 

Amended and Restated Loan Agreement 5 

This Amended and Restated Loan Agreement (this “Agreement”) is entered into on December 16, 2015 in Beijing, by and between: 

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

Registered Address: 3/F, No. 10 Shanghdi 10th Street, Haidian District, Beijing 

Party B: Yazhu Zhang 
 WHEREAS, 

 

	 	5.	Party A is a foreign invested enterprise incorporated under the laws of the PRC, 

  

	 	6.	Party B is a Chinese citizen, holding 20% of equity interests of Beijing Perusal Technology Co., Ltd. (“Beijing Perusal), and is the shareholder of Beijing Perusal; 

 

	 	7.	On July 9, 2015, Party A provided Party B with an interest-free loan of RMB 244 million yuan, used towards the investment in Beijing Perusal. With regards to such loan, Party A and Party B signed the Fourth Amended and
Restated Loan Agreement (the “Original Loan Agreement”) on July 9, 2015. 

  

	 	8.	The Parties propose to amend and restate the Original Loan Agreement as expressed herein. 

 Party A and Party
B, through friendly consultation, agree as follows: 
  

	 	25.	In accordance with the terms and conditions of this Agreement, Party A agrees to provide an interest-free loan in the amount of RMB 251 million yuan (RMB 251,000,000.00) to Party B, and Party B agrees to accept such
loan. 

  

	 	26.	Party B confirms the receipt of such loan and has applied such loan toward payment of capital contribution of Beijing Perusal. 

  

	 	27.	The term of the loan under this Agreement shall commence on the date Party B receives such loan to the date 10 years from the execution of this Agreement, which may be extended upon mutual written consent of the
Parties. During the term of the loan or the extended term of the loan, Party A has the right to cause the loan to be due immediately by written notice, and require Party B to repay the loan in accordance to this Agreement in the event any of the
following circumstances occur to Party B: 

  

	 	a.	Party B leaves or is terminated from Party A or an affiliated company of Party A; 

  

	 	b.	Party B’s death, lack or limitation of civil capacity; 

  

	 	c.	Party B engages in criminal act or is involved in criminal activities; 

  

	 	d.	Any third party filed a claim against Party B that exceeds RMB 100,000; or 

  

	 	e.	 Subject to the laws of the PRC, Party A or a person designated by Party A is permitted invest in Beijing Perusal to conduct internet information
service 

  
 8 

	 	
business, value-added telecommunication business and other business, and Party A has issued a written notice relating to the equity purchase of Beijing Perusal to such party pursuant to the
provisions of the Exclusive Option Contract mentioned in article 4 hereof, to exercise purchase rights. 

  

	 	28.	The parties herein agree and confirm that, to the extent and within the scope permitted by the laws of the PRC, Party A shall have the right but not the obligation to purchase or designated other persons (including
natural person, legal entity or any other entity) to purchase the equity interests of Beijing Perusal held by Party B in whole or in part (hereinafter referred to as “Option Right”), but Party A shall issue a written notice to purchase
equity interests to Party B. Upon Party A’s issuance of a written notice to exercise such Option, Party B shall, in accordance with Party A’s wishes and instructions, immediately transfer all of its equity interests in Beijing Perusal to
Party A or other persons as designated by Party A at the original investment price (“Original Investment Price”) or at another price agreed upon by Party A where the law otherwise requires. The Parties hereby agree and acknowledge, when
Party A exercises its Option Right, if in accordance to the applicable laws at the time, the lowest price of the equity interests permitted is higher than the Original Investment Price, then the purchase price of Party A or other persons designated
by Party A shall be the lowest price permitted by the laws. The parties agree to the above matters and have executed the Exclusive Option Contract. 

  

	 	29.	The parties herein agree and confirm that Party B may repay the loan only by the following methods: the borrower (or his successors or assignees) shall transfer the equity interest in Beijing Perusal to Party A or its
designated person and use the proceeds to repay the loan when the loan is due and Party A gives a written notice, or through another method as mutually agreed by the parties herein. 

 

	 	30.	The Parties herein agree and confirm that this loan is an interest-free loan unless there are different provisions in this Agreement. But if the loan is due and Party B has to transfer his equity interests in Beijing
Perusal to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, the extra amount over the principal of proceeds will be considered as the interests or capital use cost, to the
extent permitted by the law, which shall be repaid to Party A. 

  

	 	31.	The parties agree and confirm that Party B shall be deemed to have completed his obligations under this Agreement only if the following requirements are met: 

 

	 	a.	Party B has transferred all his equity interests in Beijing Perusal to Party A and/or its designated person; and 

  

	 	b.	Party B has repaid the total amount of proceeds from the equity interest transfer or the maximum amount (including principal and the maximum interests as permitted by the applicable laws at the time) permitted by
applicable laws to Party A. 

  

	 	32.	To secure the performance of debt under this Agreement, Party B agrees to pledge all of his equity interests in Beijing Perusal to Party A (the “Equity Pledge”). The parties agree to execute an equity pledge
agreement for the above matters. 

  

	 	33.	Party A hereby represents and warrants to Party B that, as of the execution date of this agreement: 

  

	 	a.	Party A is a wholly-owned foreign enterprise incorporated and validly existing under the laws of the PRC; 

  
 9 

	 	b.	Party A has the right to execute and perform this agreement. The execution and performance by Party A of this agreement comply with its business scope, Articles or other institutional documents, and Party A has taken
necessary actions to get all necessary and appropriate approvals and authorizations; 

  

	 	c.	The principal of the loan to Party B is legally owned by Party A; 

  

	 	d.	The execution and performance of this Agreement by Party A does not violate any law, regulation, approval, authorization, notice, other governmental document, any agreement between Party A and any third party, or any
promise made by Party A to a third party; and 

  

	 	e.	This Agreement shall constitute the legal, valid and binding obligations of Party A upon execution. 

  

	 	34.	Party B hereby represents and warrants to Party A that, from the execution date of this agreement until this Agreement terminates: 

  

	 	a.	Beijing Perusal is a limited liability company incorporated and validly existing under the laws of the PRC and Party B is the legal holder of the equity interest of Beijing Perusal; 

 

	 	b.	Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this Agreement comply with its business scope, Articles or other institutional documents, and Party B has taken
necessary actions to obtain all necessary and appropriate approvals and authorizations; 

  

	 	c.	The execution and performance of this Agreement by Party B does not violate any law, regulation, approval, authorization, notice, other governmental document, any agreement between Party B and any third party, or any
promise made by Party B to a third party; 

  

	 	d.	This Agreement shall constitute the legal, valid and binding obligations of Party B upon execution; 

  

	 	e.	Party B has paid contribution in full for the equity interests he holds in Beijing Perusal in accordance with applicable laws and regulations; 

 

	 	f.	Except the provisions stipulated in the equity pledge agreement and exclusive option agreement, Party B did not create any pledge or other security over his equity interest in Beijing Perusal, make any offer to a third
party to transfer his equity, make acceptance for the offer to a third party to purchase his equity, or execute any agreement with a third party to transfer his equity; 

 

	 	g.	There are no pending or potential disputes, litigation, arbitration, administrative proceedings or other legal proceedings in connection with the equity interests of Beijing Perusal held by Party B; 

 

	 	h.	Beijing Perusal has completed all necessary governmental approvals, licenses, registrations and filings. 

  

	 	35.	Party B undertakes, during the term of this Agreement, to: 

  

	 	a.	Not sell, transfer, pledge, dispose in any other manner of his equity interests in Beijing Perusal or other interests, and not allow to create other security interests over his equity interests without the prior written
consent of Party A, except pledges or other rights created in the interest of Party A; 

  

	 	b.	Not consent, support or execute any shareholder resolutions at Beijing Perusal’s shareholder’s meetings that permit the sale, transfer, pledge, disposal in any manner of, and the creation of other security
interests on, any of his legal or beneficiary equity interests without the prior written consent of Party A, except where transferring his equity interest to Party A; 

  
 10 

	 	c.	Not consent, support or execute any shareholder resolutions at Beijing Perusal’s shareholder meetings that permit Beijing Perusal to merge or combine with, or acquire or invest in, any person without Party A’s
prior written consent; 

  

	 	d.	Promptly inform Party A of any pending or threatened litigation, arbitration or regulatory procedures relating to the equity interests of Beijing Perusal; 

 

	 	e.	Execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to
maintain the equity interests of Beijing Perusal held by Party B; 

  

	 	f.	Refrain from any act or omission that may materially affect the assets, business and liabilities of Beijing Perusal without the prior written consent of Party A; 

 

	 	g.	Appoint any person nominated by Party A as the director of Beijing Perusal, subject to Party A’s request; 

  

	 	h.	Transfer promptly and unconditionally, at any time, all equity interests in Beijing Perusal held by Party B to Party A or its designated person subject to the request of Party A, provided that such transfer is permitted
under the laws of the PRC; 

  

	 	i.	Not request Beijing Perusal to distribute dividends or profits; 

  

	 	j.	Once Party B transfers his equity interest in Beijing Perusal to Party A or its designated person, he shall repay the consideration he receives as the principal and the interests or capital use cost to Party A if such
repayment is permitted under the laws of the PRC; 

  

	 	k.	Strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain from any act or omission that affects the validity and enforceability of this Agreement. 

 

	 	36.	Party B, as the shareholder of Beijing Perusal, undertakes to cause Beijing Perusal, during the term of this Agreement, to: 

  

	 	a.	Not supplement, amend or modify its articles of association, or increase or decrease its registered capital, or to change its capital structure in any form without the prior written consent of Party A;

  

	 	b.	Operate its business and handle matters prudently and affectively according to good financial and business rules and practices; 

  

	 	c.	Not sell, transfer, mortgage, dispose of in any other manner, or to create other security interests on, any of its assets, business or legal or beneficial rights to its income without the prior written consent of Party
A from the date of this Agreement; 

  

	 	d.	Not create, succeed to, guarantee or permit any liability, without the prior written consent of Party A, except (i) the liability arising from the ordinary or daily course of business operations, but not arising from
the loan; and (ii) the liability disclosed to Party A or approved by Party A in writing; 

  

	 	e.	Operate all businesses on a continued basis and maintain the value of its assets; 

  

	 	f.	Not execute any material contracts (for the purpose of this section, a contract will be deemed material if its value exceeds RMB 100,000) without the prior written consent of Party A, other than those executed during
the ordinary course of business; 

  
 11 

	 	g.	Provide information of all its operations and financial affairs at Party A’s request; 

  

	 	h.	Not merge or combine with, acquire or invest in, any other person without the prior written consent of Party A; 

  

	 	37.	This Agreement shall be binding on, and only in the interest of, all parties hereto and their respective successors and assignees. Without prior written consent of Party A, Party B shall not transfer, pledge or assign
any right, interest or obligation hereunder. 

  

	 	38.	Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written notice to Party B when it considers necessary. No further consent from Party B is required for such transfer.

  

	 	39.	The execution, validity, interpretation, performance, amendment, termination and dispute resolution of this Agreement are governed by the laws of the PRC. 

 

	 	40.	Arbitration 

  

	 	a.	Both Parties shall strive to settle any dispute, conflicts, or compensation claims arising from the interpretation or performance (including any issue relating to the existence, validity and termination) of this
Agreement through friendly consultation. In case no settlement can be reached within thirty (30) days after one party requests for settlement, each party can submit such matter to China International Economic and Trade Arbitration Commission (the
“CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties. 

  

	 	b.	The arbitration shall take place in Beijing. 

  

	 	c.	The arbitration language shall be Chinese. 

  

	 	41.	This Agreement shall become effective on the date of execution. Both Parties agree that the terms and conditions of this Agreement shall be effective as of the date on which Party B receives the loan, and shall expire
as of the date on which both Parties complete their obligations hereunder. 

  

	 	42.	Party B shall not terminate or revoke this Agreement under any circumstances unless (a) Party A commits a material error, fraud, or other material unlawful action; or (b) upon Party A’s bankruptcy.

  

	 	43.	This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written
agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement. 

  

	 	44.	This Agreement constitutes the entire agreement of the Parties with respect to the subject matter herein and supersedes and replaces all prior or contemporaneous verbal and written agreements and understandings between
the Parties. 

  

	 	45.	This Agreement is severable. The invalidity or unenforceability of any clause shall not affect the validity or enforceability of other clauses herein. 

 

	 	46.	Each Party shall protect the confidentiality of information concerning the other Party’s business, operation, financial situation or other confidential information obtained under this Agreement or during the
performance of this Agreement. 

  

	 	47.	Any obligation that is due before the expiration or early termination of this agreement shall survive such expiration or early termination. Section 15, 16, and 22 shall survive the termination of this Agreement.

  
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	 	48.	This Agreement shall be executed in two counterparts, each Party shall hold on counterpart. All counterparts shall have the same legal effect. 

IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative on its behalf as of
the date first set forth above. 
 [No text below] 

  
 13 

 [No text on this page] 

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

Legal representative/authorized representative: 
 Company seal:
/s/ Baidu Online Network Technology (Beijing) Co., Ltd. 
 Party B:    Yazhu Zhang 

Signature: /s/ Yazhu Zhang 

  
 14

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