Document:

English Translation of Capital Increase and Share Transfer Agreement among PW

 Exhibit 4.47 
 English Translation 
  
 Capital
Increase and Share Transfer Agreement 
 April of 2009 

 This Capital Increase and Share Transfer Agreement (this “Agreement”) is entered into by and between the
following parties: 
 Beijing Perfect World Network Technology Co., Ltd., a limited liability company incorporated under Chinese laws, with its legal address
at 8F, Huakong Building, 1# Shangdi East Road, Haidian District, Beijing; 
 Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd., a limited liability
company incorporated under Chinese laws, with its legal address at Room 801, 3# Building, 1# Zhongguancun East Road, Haidian District, Beijing. 
 Each of
the above parties is individually referred to as a “Party” and collectively referred to as the “Parties”. 
 WHEREAS: 
  

	1.	Beijing Perfect World Cultural Communication Co., Ltd. (the “Company”) is a limited liability company incorporated in accordance with the Company Law of the People’s
Republic of China and related laws and regulations. It was established on August 18, 2008, with the registered capital of RMB29.80 million and the paid-in capital of RMB29.80 million. 

  

	2.	Beijing Perfect World Network Technology Co., Ltd. (“PW Network”) and Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd. (“Jiuzhou Kaiyuan”) are the current
shareholders of the Company. 

  

	3.	PW Network (the “Investor”) plans to purchase 59.66% equity interests from Jiuzhou Kaiyuan pursuant to the terms and conditions of this Agreement (“Share
Transfer”) and, in the meanwhile, invest 52.22 million into the Company (“Capital Increase”). 

 THEREFORE, based on the
principles of equality and mutual benefit and according to the Company Law of the People’s Republic of China, Regulations of the People’s Republic of China on the Administration of Company Registration and other related laws and
regulations of the People’s Republic of China, the Parties to this Agreement hereby, through friendly negotiation, agree as follows with respect to the Investor’s investment in the Company: 
 Article 1 Share Transfer and Capital Increase 
  

	1.1	Share Transfer and Capital Increase 

  

	(1)	The Parties agree that the investment amount of each of the Company’s shareholders in the registered capital and their respective equity interests proportions in the Company
before the Share Transfer and Capital Increase are as follows: 

  

						
	 Name of the Shareholder
	  	Investment Amount
(ten thousand)	  	Investment Proportion	 
	 Beijing Perfect World Network Technology Co., Ltd.
	  	300	  	10.07	%
			
	 Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd.
	  	2680	  	89.93	%
			
	 Total
	  	2980	  	100	%

  

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	(2)	The Parties consent that the Investor agree to, pursuant to the stipulations hereunder, acquire 59.66% equity interests of the Company held by Jiuzhou Kaiyuan with the consideration
of RMB17.78 million (“Share Transfer Consideration”). The above equity interests transferred is referred to as “Transferred Equity Interests”. 

  

	(3)	The Investor shall, pursuant to the stipulations hereunder, invest RMB52.22 million as the Company’s newly increased registered capital, which shall be firstly counted into the
Company’s capital reserve fund and then transferred into the registered capital. 

  

	(4)	After the consummation of Capital Increase and Share Transfer, the investment amount of each of the Company’s shareholders in the registered capital and their respective equity
interests proportions in the Company shall be changed as follows: 

  

						
	 Name of the Shareholder
	  	Investment Amount
(ten thousand)	  	Investment Proportion	 
	 Beijing Perfect World Network Technology Co., Ltd.
	  	7300	  	89.00	%
			
	 Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd.
	  	902	  	11.00	%
			
	 Total
	  	8202	  	100	%

  

	(5)	PW Network and Jiuzhou Kaiyuan agree that, if the four projects of “Fei Chang Wan Mei”, “Lang Zai Ji”, “Ren Dao Zhong Nian” and “Ci Ling”
which are invested by the Company before the Share Transfer and Capital Increase by PW Network turn out to incur losses as a whole up to August 31, 2010 after audited, Jiuzhou Kaiyuan shall return to PW Network a corresponding amount of the
Share Transfer Consideration calculated pursuant to the following formula before September 30, 2010, and the investment amount of each of the Company’s shareholders in the registered capital and their respective equity interests
proportions in the Company shall not be adjusted. 

 Calculation formula: 
 Share Transfer Consideration To Be Returned = Amount of Losses × 89.93% 
 The Parties unanimously agree that, notwithstanding the above stipulation on return of Share Transfer Consideration, if the total losses up to
August 31, 2010 of the abovementioned four projects are less than 0.1 million, the return of Share Transfer Consideration stipulated in this Article shall not be instituted. The limitation to returned Share Transfer Consideration is 17.78
million. 
  

	1.2	Performance Adjustment Clauses 

 PW Network and Jiuzhou
Kaiyuan agree that, if the four projects of “Fei Chang Wan Mei”, “Lang Zai Ji”, “Ren Dao Zhong Nian” and “Ci Ling” which are invested by the Company before the Capital Increase by PW Network turn out to make
profits as a whole up to August 31, 2010 after audited, both Parties could, pursuant to the following calculation formula, conduct corresponding adjustment to the equity stakes based on the performance. 
  

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 Calculation formula for adjustment to the equity stakes: 
 Equity Stake of Jiuzhou Kaiyuan = (Investment Amount of Jiuzhou Kaiyuan + the Profits which shall be distributed to Jiuzhou Kaiyuan based on its Original
Investment Proportion of 89.93%) / (Total Investment Amount + Total Profits) 
 Equity Stake of PW Network = (Investment Amount of PW Network
+ the Profits which shall be distributed to PW Network based on its Original Investment Proportion of 10.07%) / (Total Investment Amount + Total Profits) 
 The Parties unanimously agree that, notwithstanding the above stipulation on adjustment to the equity stakes, if the total profits up to August 31, 2010 of the abovementioned four projects are less than
0.1 million, the adjustment to equity stakes stipulated in this Article shall not be instituted. The upper limit to the adjustment to the equity stakes is 30%. 
 If the above adjustment is instituted, PW Network shall transfer to Jiuzhou Kaiyuan for free the adjusted equity interests and related rights and interests within 20 days after both Parties confirm the performance
adjustment amount and adjustment proportions of equity interests. 
 The operation performance shall be adjusted and confirmed in accordance
with the U.S. accounting principles. 
 Article 2 Payment of Increased Capital and Share Transfer Consideration 
  

	2.1	Jiuzhou Kaiyuan, the Investor and the Company agree to, when signing this Agreement, execute the Articles of Association (“Articles of Association”) with the contents of
annex 1 hereto with respect to the Capital Increase and Share Transfer issues hereunder pursuant to this Agreement, and entrust the person jointly entrusted by the Parties to go through filing and registration procedures of this Agreement and the
document of annex 1 which are necessary for the Capital Increase and Share Transfer with Beijing Administration for Industry and Commerce. The Parties agree to use their best efforts, including but not limited to executing any necessary and
reasonable legal documents required by the administration for industry and commerce from time to time, to procure completion of the filing and registration procedures necessary for the Capital Increase and Share Transfer as soon as possible.

  

	2.2	The Investor shall transfer the amounts of the increased capital and Share Transfer Consideration described hereunder into the designated account and the account of the Company
within 10 working days upon signing this Agreement. 

  

	2.3	The Company shall, within 1 working days upon the receipt of the Investor’s payment of the increased capital, engage a Chinese accountants firm with qualifications to conduct
capital verification and issue a verification report, and go through the change registration procedures with the administration for industry and commerce within 2 working days upon the Investor paying the investment amounts.

  

	2.4	The Company shall issue an investment certification to the Investor on the day when the change registration of industry and commerce for increased capital’s paying up is
completed (“Completion Date for Industry and Commerce Change Registration”). The investment certification shall list following items: name of the Company, registered capital, name of the shareholder, subscribed capital, equity stake,
capital payment date and issuing date of the investment certificate. The investment certificate shall be singed by the chairman of the Company and affixed with the Company’s seal. The Company shall register and remain the shareholders list. The
shareholders list shall be kept by the board of directors after signed by the shareholders and affixed with the Company’s seal, and the Investor shall be provided with a copy of the shareholders list. 

  

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 Article 3 Representations and Warranties of the Investor 
  

	3.1	The Legal Status and Capacities of the Investor. The Investor has complete and independent legal status and capacities to sign, deliver and perform this Agreement and could
act as an independent party in a litigation. The Investor’s signing and performing of the obligations hereunder will not violate any related laws, regulations and government orders, nor conflict with any contracts or agreements to which it is a
party or which is binding upon its assets. 

  

	3.2	Legality of the Investment Amount. The Investor ensures that the investment amount it uses to subscribe for the Company’s equity interests pursuant to this Agreement has
legal source, and it has sufficient capacities to pay the investment amount to the Company pursuant to the terms and conditions hereunder. 

 Article 4 Representations and Warranties of the Company and Jiuzhou Kaiyuan 
 Jiuzhou Kaiyuan and the Company, on the
signing day of this Agreement, represent and warrant to the Investor that the following statements are true, complete and accurate for the period on and before the signing day: 
  

	4.1	Authorization. Jiuzhou Kaiyuan and the Company have obtained sufficient and necessary authorizations to sign, perform the obligations under and complete the transactions
under this Agreement. This Agreement is legally binding upon Jiuzhou Kaiyuan and the Company. 

  

	4.2	Investment. The Company does not hold equity interests or similar shareholder’s interests in any other subsidiaries, affiliated companies, branches or other social
organizations; nor directly or indirectly control, hold shares in or own rights and benefits in any other entities. 

  

	4.3	Non-Conflict. The execution and performance of this Agreement will not violate or conflict with any terms of the articles of association or other organizational rules of the
Company, nor violate any provisions of Chinese compulsory laws and regulations. Jiuzhou Kaiyuan and the Company have obtained any third party’s consent or authorization necessary for the transactions hereunder. 

  

	4.4	Valid Existing of the Company. The Company is legally established and validly existing. The Company’s registered capital has been fully paid up in accordance with
provisions in the payment schedule of its articles of association, approval documents, approval citification and business license (“Incorporation Documents”), which complies with Chinese laws, without situation of non-payment or delay
payment of registered capital. All the Incorporation Documents have been legally and effectively approved or registered (if required) and are valid and enforceable in accordance with Chinese laws. The detailed business scope of the Company in the
Incorporation Documents complies with the requirements of Chinese laws. All business activities conducted pursuant to such details in the Incorporation Documents comply with the provisions of Chinese laws. All certificates and licenses necessary for
the Company to conduct the business activities under the provisions of Chinese laws have been legally applied for and obtained, and all such licenses are validly existing. The Company has passed the annual examinations to any certificates or
licenses conducted by relevant organizations authorized by the government (if any). 

  

	4.5	Financial Report. The financial report up to March 31, 2009 (“Date of the Balance Sheet”) provided by the Company to the Investor is the true, complete and
accurate reflection of the Company’s operation and financial status during relevant period or on relevant base day. 

  

	4.6	Undisclosed Debts. The Company does not have any debts. The Company has never provided any guarantee for any other parties, nor establish any mortgage, pledge or other
security rights on its assets. 

  

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	4.7	Capital Structure. The structure of the Company’s registered capital described in the articles of association registered and filed with the administration for industry
and commerce is completely consistent with that described in the articles of association provided by the Company to the Investor and accurately and completely reflects the capital structure of the Company before the closing of the transactions. The
Company has never, in any form, undertaken or actually issued any company rights, shares, bonds, options or the same or similar rights and interests to any person other than the above shareholders’ rights and interests.

  

	4.8	No Change. From the Date of the Balance Sheet to the signing day of this Agreement, the Company does not have following activities: 

 4.8.1 provide guarantee to any other parties; establish mortgage, pledge or other security rights on its assets; 
 4.8.2 discharge any person’s debts or waive any rights to claim for compensation; 
 4.8.3 amend any existing contracts or agreements; 
 4.8.4 grant bonus to any management personnel, directors, employees, sale representatives, agents or consultants or increase their incomes in any other forms; increase salaries of any five person who have the
highest salaries in the Company and the chief executive officer, chairman, chief operative officer and chief financial officer by more than 15% within 12 months; 
 4.8.5 incur any losses (no matter whether it has been insured or not) or any changes in the relationship with suppliers, customers or employees, and such losses or changes will result in materially adverse
effect to the Company; 
 4.8.6 amend the accounting methods, policies or principles or financial and accounting rules of the Company;

 4.8.7 transfer or allow other parties to use intellectual properties of the Company except for normal business activities of the
Company; 
 4.8.8 material changes in any sales conventions, accounting methods, employment policies or rules and regulations;

 4.8.9 adverse changes to the financial status of the Company; 
 4.8.10 adopt any shareholders or board resolutions which are different from regular issues discussed on annual meetings of shareholders, except the
resolution for the purpose of performing this Agreement; 
 4.8.11 declare, pay or cause or prepare to declare, pay or cause any
dividends, bonus or any shareholders’ dividends in other forms; 
 4.8.12 (i) sell, mortgage, pledge, lease, transfer or dispose
of in other ways the assets with a total transaction amount of more than RMB200,000, which is beyond the ordinary business scope, (ii) except for the ordinary business, dispose of any fixed assets, agree any fixed assets to be disposed of or
purchased, waive the control of any assets of the Company, conclude any contracts resulting in expenses of fixed assets, or cause other company liabilities; (iii) any expenses or purchasing any fixed or intangible assets (including the equity
investment in any company) with a total amount of more than RMB200,000, which is beyond the normal business scope; 
  

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	 	4.8.13	any transactions or activities which do not belong to the Company’s ordinary business operations; 

  

	 	4.8.14	any action or inaction which may result in the above situations. 

  

	4.9	Taxes. The Company has completed all tax registration required by any laws and regulations and paid all payable taxes and needs not to pay any penalty, surcharge, fine or
interests related to such taxes. The Company is not involved in any dispute or litigation related to taxes. 

  

	4.10	Assets. The Company legally owns and uses all of its fixed and intangible assets. The details of the Company’s assets have been listed in the disclosure schedule.

  

	4.11	Real Properties. The Company does not have any real properties or related rights and obligations. 

  

	4.12	Contracts. Jiuzhou Kaiyuan and the Company have provided the Investor with copies of all the material agreements and contracts of the Company which are currently effective
and are consistent with the originals. Jiuzhou Kaiyuan and the Company ensure that all the currently effective contracts of the Company are legal and valid and may be duly performed, and all the currently effective contracts are performed
appropriately, without situation of breach of contract by the Company or any other parties to the transactions. 

  

	4.13	Intellectual Properties. The Company has the legal owner’s rights or use rights of all the intellectual properties (including but not limited to patent, trademark,
copyright, proprietary technology, domain name, trade secret, etc.) for conducting businesses consistent with the past business and operation plan. The Company has obtained necessary authorization or license for other parties’ intellectual
properties involved in the business operation activities of the Company. The Company does not infringe any other parties’ intellectual property, trade secret, proprietary information or other similar rights, and there does not exist any pending
or possible claims, disputes or litigation proceedings that demand the Company to compensate for its infringement on any other parties’ intellectual property, trade secret, proprietary information or other similar rights. The trademarks,
patents, software copyrights and domain names owned by the Company have been legally and formally registered. 

  

	4.14	Insurance. The Company has complete and currently effective insurance policy. The Company has not conducted any activities resulting in increase of insurance rates of the
above insurance policy, and there does not exist any pending right claims aimed at the above insurance policy. 

  

	4.15	Litigation. There does not exist following situations which may cause materially adverse effect to the Company or may passively affect the conclusion, effectiveness and
enforceability of and the transactions under this Agreement, no matter the situations are finished, pending or possible to occur: 

 4.15.1 punishment, interdiction or injunction issued by government departments to the Company; 
 4.15.2 civil,
criminal or administrative litigations, arbitrations or other proceedings or disputes aimed at the Company. 
  

	4.16	Compliance of Law. The businesses currently operated by the Company are consistent with the currently effective laws, regulations, rules and other administrative provisions
issued by 

  

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 relevant administration authorities (collectively “Regulations”) and do not violate any
Regulations to such an extent as to constitute materially adverse influence to the businesses or assets of the Company. 
  

	4.17	Employees. 

 4.17.1 The Company enters into
legal labor contracts with every employees; 
 4.17.2 There is not any present or potential labor controversy or dispute between the
Company and its current or previous employees; 
 4.17.3 The Company does not have any obligations to pay any overdue economic
compensation related to termination of employment relationship or other similar compensation or indemnification related to employment relationship; 
 4.17.4 The Company has, in accordance with relevant laws and regulations, paid and/or withheld and remitted in full all pension, housing, medical, unemployment and other related payable social insurances or employee welfares provided
by laws and agreements, and there is not any current or potential disputes with respect to such social insurances or employee welfares. 
  

	4.18	Special Representations and Warranties of Jiuzhou Kaiyuan and the Company. In addition to the above general representations and warranties, Jiuzhou Kaiyuan and the Company
jointly represent and warrant as follows: 

 4.18.1 All the documents, including account books, record of shareholding
changes, financial statements and company records, are kept pursuant to commercial routines and are completely held by the Company, and the major transactions related to the Company’s business are all recorded accurately and normatively;

 4.18.2 Up to the closing day, the documents of the Company, including records of board of directors and shareholders meetings and
shareholders’ list, are kept appropriately all the time and record the issues which shall be recorded in such documents completely and accurately; 
 4.18.3 The Company has provided the required information to any tax authorities requiring such information; up to the signing day of this Agreement, there is not any disputes between the Company and the tax
authorities concerning the Company’s tax liabilities, potential tax liabilities or tax benefits; 
 4.18.4 The Company remains
financial materials for normally recording and paying taxes and sufficient materials regarding competent authority’s approval for tax benefits; 
 4.18.5 Except the employee benefits, social and pension securities required by the Labor Law of the People’s Republic of China and relevant provisions, the Company does not provide or commit to provide the employees with any
related benefits or securities with respect to work, retirement or pension. 
  

	4.19	Representations and Warranties of Jiuzhou Kaiyuan: 

 4.19.1 It is a limited liability company legally incorporated and validly existing under Chinese laws, having the status of a legal person; 
 4.19.2 It has sufficient legal rights, powers and authorities to sign this Agreement and all the contracts and documents referred to in this Agreement to which it is a party and to comply with and perform the
obligations under this Agreement and the above other contracts and documents; 
  

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 4.19.3 It has taken any appropriate and necessary activities to authorize to sign this Agreement
and all the contracts and documents referred to in this Agreement to which it is a party and to authorize to comply with and perform the terms and conditions of this Agreement and the above other contracts and documents; 
 4.19.4 Its execution, deliver and performance of this Agreement will not violate (i) any contracts to which it is a signing party or any other
arrangements binding upon it, (ii) applicable laws, or (iii) any provisions in its company organizational documents; 
 4.19.5 It has obtained any consent, approval and authorization necessary to validly sign this Agreement and all the contracts and documents referred to in this Agreement to which it is a party and to comply with and perform the
obligations under this Agreement and the above other contracts and documents; 
 4.19.6 It is the only legal owner of the Transferred
Equity Interests and has the right to transfer the equity interests to the Investor pursuant to the terms and conditions hereof, and there is not any security rights and interests or other requests in any forms on the Transferred Equity Interests.
Except the Investor, any third party does not have the rights, options or privileges to subscribe for any part or all of the Transferred Equity Interests or such rights, options or privileges pursuant to laws or contracts. 
  

	4.20	Information Disclosure. All the documents, materials and information provided by Jiuzhou Kaiyuan and the Company to the Investor before and after signing this Agreement are
true, accurate and without omission or misleading. 

  

	4.21	Jiuzhou Kaiyuan and the Company, on the closing day, represent and warrant to the Investor once again that the above statements are still true, accurate and complete on the closing
day. 

 Article 5 Further Commitments 
  

	5.1	Operation of the Company. From the day of signing this Agreement to the Completion Date for Industry and Commerce Change Registration, except the activities based on the
stipulations of this Agreement and the annex or agreed by the Investor in writing, Jiuahou Kaiyuan and the Company commit: 

 5.1.1 to operate the businesses in normal ways. Continue to maintain the relationship with customers so as to ensure that the Company’s reputation and business will not be materially and adversely affected after the Capital
Increase and Share Transfer are completed; 
 5.1.2 not to distribute dividends, repurchase equity interests, conduct any abnormal
transactions or cause any abnormal debts. Except during normal business activities, not to repay loans, and not to advance or delay paying payable accounts; 
 5.1.3 to pay due and payable accounts in time during normal business activities; 
 5.1.4 to
perform executed contracts, agreements or other documents related to the Company’s assets and businesses in time; 
 5.1.5 not to
reconcile of its own accord or waive or change its claim or other rights during litigations without the prior written consent of the Investor, except for normal business operations; 
  

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 5.1.6 to try its best efforts to ensure that the Company continues to legally operate and obtains
all the governmental approvals and other licenses and consents necessary for its businesses; 
 5.1.7 not to split, merge with other
parties, or purchase assets or businesses of other parties; 
 5.1.8 not to violate terms of representations and warranties hereunder
in the ways of action or inaction; 
 5.1.9 to inform the Investor in writing of any events, facts, conditions, changes or other
situations which have caused or may cause materially adverse effect to the Company in time; 
 5.1.10 to deal with tax issues of the
Company strictly in accordance with relevant laws and regulations and in a customary way. 
  

	5.2	Obtaining Information. From the day of signing this Agreement to the Completion Date for Industry and Commerce Change Registration and during the normal working time of the
Company, Jiuzhou Kaiyuan and the Company will provide the Investor and its representatives with the reasonably required materials regarding the Company, including but not limited to sufficiently providing the attorneys, accountants and other
representatives appointed by the Investor with all of the accounts, records, contracts, technological materials, personnel materials, management information and other documents of the Company; in order for the Investor to review the properties,
assets, and businesses of the Company and the documents referred to in this Agreement, Jiuzhou Kaiyuan and the Company allow the Investor to contact or connect with the Company’s customers and creditors. Jiuzhou Kaiyuan and the Company agree
that the Investor has the right to conduct due diligence on the Company’s financial, assets and operational conditions at any time before the closing. 

  

	5.3	Operation after the Closing Day. Jiuzhou Kaiyuan and the Company commit that from the closing day hereof to the Completion Date for Industry and Commerce Change Registration
provided herein, the Investor has the right to, pursuant to the shareholders agreement, participate in making the Company’s operational decisions and exercise relevant rights as a new shareholder. 

 Article 6 Representations and Conditions of Closing 
  

	6.1	Unless the Investor grant a written immunity, the Investor’s performance of payment obligations for Capital Increase and Share Transfer shall be conditional upon each of the
preconditions for closing set out below being fulfilled before the closing: 

 (1) there is no laws, regulations or judgments,
verdicts, awards or orders of courts or relevant governmental authorities which will limit, prohibit or cancel the Company’s Capital Increase and Share Transfer, and there is not any pending or potential litigations, arbitrations, judgments,
verdicts, awards or orders which has caused or will cause adverse effect to Jiuzhou Kaiyuan, the Investor, the Company or the Company’s Capital Increase; 
 (2) having obtained approval from the current shareholders of the Company; 
 (3) the Investor has completed
legal and financial due diligence to its satisfaction; 
 (4) the board of directors of the Investor has approved the transactions hereunder;

 (5) the Company has entered into the Agreement for Intellectual Property Transfer, Confidentiality and Non-Compete with its key personnel,
each management and development 

  

 10 

 
personnel has signed the Agreement for Intellectual Property Transfer and Confidentiality which has been accepted by the Investor, and such agreements shall
include the following commitments: (i) unless his/her demission application has been agreed by the Investor or the Investor has made other arrangements, he/she shall use all of his/her time and efforts to strive for the Company’s interests
until one year after the Company’s eligible initial public offering; (ii) unless the Company agrees in writing, he/she shall not be engaged in any businesses competitive with the Company within two years after leaving the Company.

 (6) from the signing day of this Agreement (including the signing day) to the closing day, Jiuzhou Kaiyuan and the Company’s
representations and warranties in Article 4 hereunder remain fully true, complete and accurate, the commitments in Article 5 hereunder have been performed, and there is not any activities violating Article 5 hereunder; 
 (7) from the signing day of this Agreement (including the signing day) to the closing day, any events, facts, conditions, changes or other situations
which have caused or may be reasonably foreseen to cause materially adverse effect to the Company do not exist or did not happen; 
 (8) from
the signing day of this Agreement (including the signing day) to the closing day, there is not any change materially adverse to the Company in the Company’s asset structure and condition; 
 (9) before the closing day (including the closing day), Jiuzhou Kaiyuan and the Company have respectively fully performed and complied with the
conditions, obligations and commitments which shall be fulfilled before or on the closing day provided herein; 
 Article 7 Effectiveness,
Supplement, 
 Amendment, Modification and Termination of this Agreement 
  

	7.1	This Agreement and the Articles of Association of annex 1 shall become effective when executed and shall be filed with the administration for industry and commerce.

  

	7.2	This Agreement could be amended or modified after the Parties hereto reach a consensus through negotiation. Any amendments or modifications shall become effective only after written
documents being made and signed by the Parties hereto. 

  

	7.3	Termination. This Agreement could be terminated in the following ways: 

 (1) the Parties hereto jointly terminate this Agreement in written agreement and determine the effectiveness time of such termination; 
 (2) a Party may notify the other Parties in writing to terminate this Agreement with at least ten working days prior notice and state the effectiveness date of such termination in the notice when following situations
occur: 
 (a) the representations or warranties of the other Party are materially untrue or have material omission when they
are made or on the closing day; 
 (b) the other Party fails to perform the agreements, commitments or obligations hereunder
pursuant to this Agreement and fails to take effective remedy measures within ten days upon the counterparties issuing the written interpellation. 
 (3) if the closing in Article 2.2 hereunder is unable to be completed within 15 days upon signing this Agreement, each Party hereto has the right to terminate this Agreement. 
  

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 Article 8 Liabilities for Breach of Contract 
  

	8.1	Any Party’s violation of or refusing to perform its representations, warranties, obligations or liabilities hereunder will constitute the breach of contract.

  

	8.2	Unless otherwise provided by this Agreement, if any Party violates this Agreement and causes other Parties to bear any expenses, liabilities or suffer any losses, the breaching
Party shall compensate the non-breaching Parties for the above expenses, liabilities or losses (including but not limited to the interest and attorneys fees paid or lost due to the breach of contract). The total amount of compensation paid by the
breaching Party to the non-breaching Parties shall be equal to the losses caused by such breach of contract. The above compensation shall include the interests which the non-breaching Parties will obtain upon performance of this Agreement.

 Article 9 Governing Law and Settlement of Dispute 
  

	9.1	This Agreement shall be governed by and interpreted according to Chinese laws. 

  

	9.2	Any disputes occurred due to the performance of or related to this Agreement shall be settled by the Parties through friendly negotiation. If any dispute can not be settled through
negotiation within 15 days upon its occurrence, any Party has the right to submit such dispute to the Beijing Arbitration Committee for arbitration according to the arbitration rules of such committee. The arbitration award shall be final and
binding upon the Parties. 

  

	9.3	During the arbitration, the Parties shall continue to own their respective other rights hereunder and to perform their relevant obligations hereunder. 

 Article 10 Notice and Its Service 
  

	10.1	Any notice or other communication (“Notice”) related to this Agreement and sent by a Party to other Parties which shall be made in writing (including fax and email) and
sent to the notified Party according to the following communicational addresses or numbers with indication of the following contact person’s name will constitute an effective Notice. 

  

			
	 Beijing Perfect World Network Technology Co., Ltd.

	 Contact Person:
	 	Yonghong Huang
	 Tel:
	 	58851667
	 Address:
	 	8F, Huakong Building, 1# Shangdi East Road, Haidian District, Beijing
	 Post Code:
	 	100085
	
	 Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd.

	 Contact Person:
	 	Huan Su
	 Tel:
	 	13311369110
	 Address:
	 	Room 801, 3# Building, 1# Zhongguancun East Road, Haidian District, Beijing
	 Post Code:
	 	100084
	
	 Beijing Perfect World Cultural Communication Co., Ltd.

	 Contact Person:
	 	Yang Du
	 Tel:
	 	13601351819
	 Address:
	 	Room 901, Floor 9, Huangkong Building, 3# Building, Shangdi East Road, Haidian District, Beijing
	 Post Code:
	 	100085

  

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	10.2	If any Party’s above communication address or number changes (“the Changed Party”), the Changed Party shall notify other Parties within 7 days upon such changing. The
Changed Party shall bear any losses resulted from its failure to notify in time according to this provision. 

 Article 11
Disclosure of Information 
  

	11.1	The terms and detailed rules related to the investment provided herein (including the existence of all the terms, provisions and annexes and any related investment documents) shall
be regarded as confidential information and shall not be disclosed to any third party, unless otherwise provided by this Agreement. If the information must be disclosed according to laws, the Party disclosing the information shall discuss with other
Parties with respect to the disclosure and submission of the information within reasonable period prior to such disclosure or submission, and shall, in the case that the disclosure or submission of information is required by other parties, make the
other parties receiving the information keep the disclosed or submitted information as confidential as possible. 

  

	11.2	Notwithstanding the above provisions, after the closing of the transactions, the Company has the right to disclose the existence of the investment and the Investor’s
investments in the Company to the Company’s investors, the investment banks, lenders, accountants, legal consultants, business partners and potential investors, employees, lenders and business partners in good faith, provided that the
individuals or organizations receiving the information have agreed to bear the obligations of confidentiality. 

  

	11.3	Without written consent from the Investor, the Company shall not disclose the Investor’s investment matters to the common public on press conferences, industrial or
professional media, marketing materials or in other ways. 

  

	11.4	The Investor has the right to disclose its investment in the Company to third parties or the public. 

 Article 12 Miscellaneous 
  

	12.1	The annex hereto is an integral part of this Agreement and complementary to the text of this Agreement with the same legal effect. The text of this Agreement shall prevail if the
annex hereto conflicts with the text hereof. 

  

	12.2	If any clause hereof becomes invalid or unenforceable due to its applicable laws, such clause shall be regarded as nonexistent from the beginning and shall not affect the validity
of other clauses hereof, and the Parties hereto shall negotiate to determine new clauses within legal extent so as to ensure to fulfill the intention of the original clause to the utmost extent. 

  

	12.3	Any Party shall not transfer any of its rights or obligations hereunder. 

  

	12.4	This Agreement shall become effective after signed and affixed with the seal by each Party’s legal or authorized representatives. 

  

	12.5	This Agreement shall be executed in three original copies with the same legal effect, and each Party shall hold on copy. 

 [No text below.] 
  

 13 

 [This is the signature page of Capital Increase and Share Transfer Agreement. No text below.] 
 In witness hereof, each Party hereto has caused its official authorized representative to sign this Agreement on the date first above written. 
 Beijing Perfect World Network Technology Co., Ltd. 
 [Seal: Beijing Perfect
World Network Technology Co., Ltd.] 
 Legal Representative: 
 Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd. 
 [Seal: Beijing Jiuzhou Kaiyuan Investment Management Co., Ltd.] 
 Legal Representative: 
 Beijing Perfect World Cultural Communication Co.,
Ltd. 
 [Seal: Beijing Perfect World Cultural Communication Co., Ltd.] 
 Legal Representative: 
  

 14Share Repurchase Agreement between the Registrant and SB Asia Investment Fund

 Exhibit 4.48 
 SHARE REPURCHASE AGREEMENT 
 THIS SHARE REPURCHASE AGREEMENT (“this Agreement”) is made as
of June 1, 2009, by and between Perfect World Co., Ltd., a company organized under the laws of the Cayman Islands (“Purchaser”) and SB Asia Investment Fund II L.P. (“SAIF” or “Seller”), a limited partnership
organized and existing under the laws of the Cayman Islands, (each, a “Party” and collectively, the “Parties”). 
 WHEREAS, SAIF owns, beneficially and of record, (i) 1,203,812 Class A Ordinary Shares, par value US$0.0001 per share, of Purchaser and (ii) 33,600,000 Class B Ordinary Shares, par value US$0.0001 per share, of Purchaser (each
of the Class A Ordinary Shares or the Class B Ordinary Shares, an “Ordinary Share” and collectively, the “Ordinary Shares”); 
 WHEREAS, Purchaser and SAIF, and certain additional shareholders, are party to that certain Shareholders Agreement, dated as of September 6, 2006, as amended, (the “Shareholders Agreement”); 

WHEREAS, Purchaser, Seller and an affiliate of Seller previously entered into that certain share repurchase agreement with respect to Purchaser’s
purchase of certain Ordinary Shares from Seller and its affiliate on December 29, 2008 (the “Previous Agreement”); and 
 WHEREAS, Purchaser desires to acquire certain Ordinary Shares owned by Seller, and Seller desires to sell certain Ordinary Shares to Purchaser, (the “Share Purchase”), all upon the terms and subject to the conditions set forth in
this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements
herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I. 
 PURCHASE AND SALE OF THE SHARES 
 Section 1.1 Purchase of the Shares. Subject to and upon the terms and conditions of this Agreement, at the closing of the transactions
contemplated by this Agreement (the “Closing”), Seller shall sell, transfer, convey, assign and deliver to Purchaser (the “Share Purchase”) all of its right, title and interest in and to the Shares (as defined below), free and
clear of any Liens except for restrictions of general applicability imposed by federal, state and foreign securities laws (and contractual restrictions imposed by this Agreement, the Shareholders Agreement or any lock-up agreements as is known or
disclosed to Purchaser). 
  

 1 

 Section 1.2 Purchase Price for Shares. 
 (a) The purchase price for the Shares shall be equal to US$4.19562 per Ordinary Share, and shall be US$52,445,250 in aggregate for SAIF (the
“Purchase Price”). 
 (b) The Purchase Price shall be payable at the Closing to Seller by wire transfer in immediately available
funds, to the accounts designated by Seller in writing at least two Business Days prior to the Closing. 
 Section 1.3 Shares
and Number of Shares. At Closing, the Ordinary Shares to be delivered by SAIF to Purchaser shall be 1,203,812 Class A Ordinary Shares and 11,296,188 Class B Ordinary Shares of Purchaser (collectively, the “Shares”). 
 Section 1.4 Closing. The Closing (the “Closing”) of the purchase and sale of Shares shall take place at the offices of
Latham & Watkins LLP, 4902 Jin Mao Tower, 88 Century Boulevard, in Shanghai, China or other venue agreed by the Parties on June 12, 2009 (the “Closing Date”). 
 Section 1.5 Deliveries. 
 (a) At the Closing, Seller shall deliver, or shall cause to be delivered, to Purchaser the following: 
 (i) Original share
certificates representing the Class A Ordinary Shares and Class B Ordinary Shares held by Seller (the “Original Seller Share Certificates”); 
 (ii) The closing certificate required by Section 4.1(b); 
 (iii) The Big Boy Representations
Certificate, a form of which is attached hereto as Exhibit A. 
 (b) At the Closing, Purchaser shall deliver, or shall cause to be delivered,
to Seller the following: 
 (i) The Purchase Price; 
 (ii) Share certificates registered in the name of SAIF with respect to any Class B Ordinary Shares represented by the Original Seller Share Certificates that are not part of the Shares (the “Residual Seller
Share Certificates”), which shall not contain 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.”; 
 (iii) The
closing certificate required by Section 4.2(b). 
  

 2 

 ARTICLE II. 
 COVENANTS 
 Section 2.1 Lock-up. Parties hereto agree that Section 2.1 of the
Previous Agreement shall no longer bind SAIF as of the date hereof. 
 Section 2.2 Confidentiality. Purchaser acknowledges
that it and its representatives will not provide the Seller or its Affiliates with any material, non-public information regarding the Purchaser or its Affiliates. 
 Section 2.3 Reasonable Best Efforts. The Parties shall use reasonable best efforts to cause the fulfillment of all of the conditions to the Parties’ obligations to consummate the transactions
contemplated by this Agreement at or prior to the Closing. 
 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Seller
Representations and Warranties. Seller hereby represents, warrants and covenants to Purchaser as follows: 
 (a) Seller. SAIF is
an exempted limited partnership duly organized, validly existing and in good standing under the laws of the Cayman Islands. SAIF has all necessary partnership power and authority to execute, deliver and perform this Agreement. 
 (b) Authorization. The execution, delivery and performance of this Agreement by SAIF have been duly and validly authorized by SAIF and by all
other necessary partnership action on the part of SAIF. This Agreement constitutes the legally valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles relating to or limiting creditor rights generally. The execution, delivery and performance of this Agreement by Seller will not violate, or constitute
a breach or default (whether upon lapse of time and/or the occurrence of any act or event or otherwise) under or result in a conflict with, (i) the partnership agreement or other constitutional documents of SAIF, (ii) any applicable Law by
which Seller or any of its assets is bound or (iii) any agreement to which Seller is a party or by which it or any of its assets is bound. 
 (c) The Shares. Seller legally and beneficially owns all of the Shares free and clear of all Liens, except for restrictions of general applicability imposed by federal, state and foreign securities laws (and contractual restrictions
imposed by this Agreement, the Shareholders Agreement or any lock-up agreements as is known or disclosed to Purchaser). The Shares are not subject to any voting trust or other agreement relating to the voting thereof other than the governing
documents of the applicable partnership agreements or other constitutional documents of Seller and its Affiliates which have been disclosed to Purchaser. Upon delivery by Seller of the certificates representing the Shares pursuant to this Agreement
and the consummation of the transactions contemplated hereby, Purchaser will acquire good title to the Shares, free and clear of any Liens created by or on behalf of Seller except for restrictions of general applicability imposed by federal, state
and foreign securities laws. 
  

 3 

 (d) Seller’s Investment Sophistication. Seller (a) has the requisite knowledge,
sophistication and experience in order to fairly evaluate a disposition of the Shares, including the risks associated therewith, and (b) shall make its own independent investigation and evaluation to the extent it deems necessary or appropriate
concerning the business, properties, results of operations and financial condition of Purchaser and its subsidiaries (including relevant variable interest entity) taken as a whole to make an informed decision regarding the sale of the Shares
pursuant to this Agreement. 
 (e) No Reliance. In making its decision to sell the Shares pursuant to this Agreement, Seller has not
requested, or been furnished with, or relied on any information concerning the Purchaser or the Shares provided to Seller by Purchaser other than as expressly set forth under this Agreement. 
 (f) Brokers and Finders. Seller has not incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the
transactions contemplated hereby which could result in any liability being imposed on Purchaser. 
 Section 3.2 Purchaser
Representations and Warranties. Purchaser hereby represents and warrants to Seller as follows: 
 (a) Purchaser. Purchaser is a
company duly organized, validly existing and in good standing under the laws of the Cayman Islands. Purchaser has all necessary corporate power and authority to execute, deliver and perform this Agreement. 
 (b) Authorization. The execution, delivery and performance of this Agreement by Purchaser has been duly and validly authorized by the Purchaser
and by all other necessary corporate action on the part of Purchaser. This Agreement constitutes the legally valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles relating to or limiting creditors rights generally. The execution, delivery and performance of this Agreement by Purchaser will not
violate, or constitute a breach or default (whether upon lapse of time and/or the occurrence of any act or event or otherwise) under or result in a conflict with, (i) the memorandum and articles of association or other constitutional documents
of Purchaser, (ii) any applicable Law by which Purchaser or any of its assets is bound or (iii) any agreement to which Purchaser is a party or by which it or any of its assets is bound. 
 ARTICLE IV. 
 CONDITIONS

 Section 4.1 Conditions Precedent to Purchaser’s Obligations. The obligations of Purchaser to be performed on
the Closing Date shall be subject to the satisfaction or waiver prior to or at the Closing of each of the following conditions: 
 (a) Seller
shall have delivered the Original Share Certificates. 
 (b) The representations and warranties set forth in Section 3.1 hereof shall be
true and correct as of the Closing Date and Seller shall have delivered to Purchaser a certificate dated the Closing Date and signed by Seller’s authorized signatories to such effect. 
  

 4 

 (c) Seller shall have duly executed and delivered to Purchaser the Big Boy Representations Certificate.

 (d) Seller shall have performed and complied with all agreements required by this Agreement to be performed or complied with by them on or
prior to the Closing. 
 (e) All consents, authorizations, orders and approvals of, filings or registrations with and the expiration of all
waiting periods imposed by, any third Person, including any Governmental Authority, which are required for or in connection with the execution and delivery by Seller of this Agreement and the consummation by Seller of the Share Purchase contemplated
hereby shall have been obtained or made, in form and substance reasonably satisfactory to Purchaser, and shall be in full force and effect. 
 (f) No action shall have been taken or threatened, and no law shall exist or have been enacted, promulgated or issued or deemed applicable to the transactions contemplated hereby by any Governmental Authority that would (i) make the
consummation of the transaction contemplated hereby illegal or substantially delay the consummation of any material aspect of the transaction contemplated hereby, or (ii) render Seller unable to consummate the transaction contemplated hereby.

 Section 4.2 Conditions Precedent to Seller’s Obligations. The obligations of Seller to be performed on the Closing
Date shall be subject to the satisfaction or waiver prior to or at the Closing of each of the following conditions: 
 (a) Purchaser shall
have delivered to Seller the Purchase Price for the Shares to be sold by Seller by wire transfer in immediately available funds pursuant to Section 1.2 hereof and the Residual Seller Share Certificates. 
 (b) The representations and warranties set forth in Section 3.2 hereof shall be true and correct as of the Closing Date and Purchaser shall have
delivered to Seller a certificate dated as of the Closing Date and signed by an executive officer of Purchaser to such effect. 
 (c)
Purchaser shall have performed and complied with all agreements required by this Agreement to be performed or complied with by it on or prior to the Closing. 
 (d) All consents, authorizations, orders and approvals of, filings or registrations with and the expiration of all waiting periods imposed by, any third Person, including any Governmental Authority, which are required
for or in connection with the execution and delivery by the Purchaser of this Agreement and the consummation by the Purchaser of the Share Purchase contemplated hereby shall have been obtained or made, in form and substance reasonably satisfactory
to Seller, and shall be in full force and effect. 
 (e) No action shall have been taken or threatened, and no law shall exist or have been
enacted, promulgated or issued or deemed applicable to the transactions contemplated hereby by any Governmental Authority that would (i) make the consummation of the transaction contemplated hereby illegal or substantially delay the
consummation of any material aspect of the transaction contemplated hereby, or (ii) render the Purchaser unable to consummate the transaction contemplated hereby. 
  

 5 

 Section 4.3 Notice. Seller hereby confirms that Purchaser has complied with the
requirement for serving a repurchase notice as stipulated under Article 13(d) of the Memorandum and Articles of Association of Purchaser, and Seller hereby waives any of its right and claim with respect to such notice requirement. 
 Section 4.4 Conditions Subsequent. Each of the Parties undertakes to execute, file and register all such additional documents,
instruments, agreements, certificates and assurances and do all such other acts and things necessary to effect the sale, transfer and delivery of the Shares. As soon as practical after the Closing, the Parties shall execute and deliver the
cross-receipt acknowledging Seller’s receipt of the Purchase Price and Purchaser’s receipt from Seller of the original share certificates representing the Shares, together with an instrument of transfer duly executed by Seller. 

ARTICLE V. 
 INDEMNIFICATION 

 Section 5.1 Indemnification. Seller agrees to promptly indemnify, and hold harmless Purchaser, and its officers,
directors, partners, affiliates, attorneys and representatives (collectively, “Purchaser Indemnified Parties”) from, against, for and in respect of and pay any and all Losses (as defined in Section 5.2) suffered, sustained, incurred
or required to be paid by any such party arising out of or resulting from any material breach of any representation, warranty, covenant or agreement of Seller contained in this Agreement. 
 Purchaser agrees to promptly indemnify, and hold harmless, of Seller and its affiliates, officers, directors, partners, attorneys and representatives
(collectively “Seller Indemnified Parties”) from, against, for and in respect of and pay any and all Losses suffered, sustained, incurred or required to be paid by any party arising out of or resulting from any material breach of any
representation, warranty, covenant or agreement of Purchaser contained in this Agreement. 
 Section 5.2 Definition of
Losses. For purposes of this Article V, “Losses” shall mean all damages, awards, judgments, assessments, fines, penalties, charges, costs and expenses and other payments (excluding punitive or consequential damages) however suffered or
characterized, all interest thereon, all costs and expenses of investigating any claim, lawsuit or arbitration and any appeal therefrom, all reasonable attorneys’, accountants’, investment bankers’, and expert witness’ fees
incurred in connection therewith, whether or not such claim, lawsuit or arbitration is ultimately defeated and, subject to this Section 5.2, all amounts paid incident to any compromise or settlement of any such claim, lawsuit or arbitration;
provided, however, that any compromise or settlement shall not be entered into without the consent of the Party from whom indemnification is sought (such consent not be unreasonably withheld). 
 Section 5.3 Maximum Amount Payable. The maximum amount of Losses for which Purchaser shall be liable to Seller, or for which Seller
shall be liable to Purchaser, in any claim under this Agreement, shall not exceed the Purchase Price payable to Seller. 
  

 6 

 ARTICLE VI. 
 MISCELLANEOUS 
 Section 6.1 Notices. Except as may be otherwise provided herein,
all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other Party; (b) when received when sent by
facsimile at the number set forth below; or (c) two (2) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth below with next-business-day delivery guaranteed, provided that
the sending Party receives a confirmation of delivery from the delivery service provider. 
  

			
	If to Seller, to:
		
		  	SB Asia Investment Fund II L.P.
		  	c/o M&C Corporate Services Limited
		  	PO Box 309
		  	Ugland House, Grand Cayman KYI-1104
		  	Cayman Islands
		  	Fax: (852) 2234-9116
		  	Tel: (86)10-6563-0357
		
		  	With a copy to:
		
		  	c/o SAIF Advisors Ltd.
		  	Suites 2115-2118, Two Pacific Place
		  	88 Queensway, Hong Kong
		  	Attention: Daniel Yang/Brandon Lin
		  	Fax: (852) 2234-9116
		
		  	If to Purchaser, to:
		
		  	Perfect World Co., Ltd.
		  	8th Floor, Huakong Building
		  	No. 1 Shangdi East Road, Haidian District
		  	Beijing 100085, People’s Republic of China
		  	Attention: Michael Yufeng Chi
		  	Fax: 8610- 5885-1012

 Each Party making a communication hereunder by facsimile shall promptly confirm by telephone to
the person to whom such communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the
addresses given above, or designate additional addresses, for purposes of this Section 6.1 by giving the other party written notice of the new address in the manner set forth above. 
  

 7 

 Section 6.2 Waivers and Amendments; Non-Contractual Remedies; Preservation of
Remedies. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived only by a written instrument signed by the Parties or in the case of a waiver, by the Party waiving compliance. No delay on
the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof except as expressly provided herein. No waiver on the part of any Party of any right, power or privilege nor any single or partial exercise
of any such right, power or privilege, shall preclude any further exercise thereof or the exercise of any other such right, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies
that any party may otherwise have at law or in equity. 
 Section 6.3 Governing Law; Arbitration. 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. In the event the parties are unable to settle a dispute between them regarding this Agreement, such dispute shall be
referred to and finally settled by arbitration in Hong Kong under the auspices of the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (“UNCITRAL Rules”) then in effect, which rules are deemed to
be incorporated by reference into this Section 6.3, subject to the following: (i) the arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules, and at least one arbitrator is licensed to
practice New York law; (ii) the language of the arbitration shall be English; and (iii) the arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive Law of the State of
New York and shall not apply any other substantive Law. 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. The
prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. Notwithstanding the foregoing, the request by any Party for specific
performance or preliminary or permanent injunctive relief, whether prohibitive or mandatory, shall not be subject to arbitration and may be adjudicated in any court of competent jurisdiction, and nothing herein shall be construed to limit any
Party’s ability to seek and obtain such relief. 
 Section 6.4 Binding Effect; No Assignment; No Third Party
Beneficiaries. Except as expressly provided herein, neither this Agreement, nor any right hereunder, may be assigned by any Party without the written consent of the other Parties. Any assignment or attempted assignment in violation of the
foregoing shall be void. This Agreement shall be binding upon and inure solely to the benefit of the Parties hereto and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to confer upon any other
person any rights or remedies of any nature whatsoever under or by reason of this Agreement. 
 Section 6.5 Entire
Agreement. This Agreement (including the Exhibits attached hereto) contains all of the agreement among the Parties with respect to the transaction contemplated hereby and supersede all prior agreements and understandings, whether written or
oral, between the Parties with respect thereto. Notwithstanding the foregoing, in the event that the Big Boy Representations Certificate is executed and delivered by Seller, such certificate shall be integrated into, and form a part of, this
Agreement. 
  

 8 

 Section 6.6 Counterparts. This Agreement may be executed by the Parties in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by at least one
Party, but together signed by both of the Parties. 
 Section 6.7 Headings. The headings of the various articles and
sections of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 
 Section 6.8 Severability. If any provisions of this Agreement shall be adjudicated to be illegal, invalid or unenforceable in any
action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remainder of the Agreement and any provision thereof
both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. 
 Section 6.9 Expenses. All legal fees payable in connection herewith, to the extent disclosed to Purchaser, shall be paid by Purchaser. 
 Section 6.10 Survival. All representations, warranties, covenants and agreements of the parties shall survive the consummation of the transactions contemplated by this Agreement. 
 Section 6.11 Termination. This Agreement shall terminate in its entirety and be of no further force or effect with the exception of
the provisions set forth in Sections 2.2 and 6.3 upon the occurrence of any of the following: 
 (a) the Share Purchase has not occurred on
or before June 12, 2009; or 
 (b) the conditions to each Party’s obligation to close have not been satisfied or waived on or prior
to the Closing Date. 
 provided, however, that no such termination shall relieve any Party of liability for its breach of this Agreement.

 Section 6.12 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

 (a) “Affiliate” or “affiliates”, as applied to any Person, shall mean any other Person directly or
indirectly controlling, controlled by, or under common control with that Person. For the purposes of this definition, “control” (including with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that person, whether through the ownership of voting
securities or by contract or otherwise. 
 (b) “Beneficially own” and “beneficial ownership” have the
meanings given to these terms in Rule 13d-3 of the Rules and Regulations of the Securities and Exchange Commission under the Exchange Act, as in effect on the date hereof. 
  

 9 

 (c) “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks in the Beijing are authorized or required by law or executive order to close. 
 (d) “Big Boy Representation
Certificate” means a certificate, in the form attached hereto as Exhibit A. 
 (e) “Governmental Authority” means
the government of any nation, state, city, locality or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other
entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. 
 (f) “Law” shall
mean any statute, law, rule, regulation, judgment, order or decree of any state, country or jurisdiction. 
 (g) “Lien” or
“Liens” mean any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, voting restriction (statutory or other), lien (statutory or other) or preference, priority, right or other security interest or preferential
arrangement of any kind or nature whatsoever. 
 (h) “Person” means any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this SHARE REPURCHASE AGREEMENT to be duly executed on
the date first above written. 
  

			
	PERFECT WORLD CO., LTD.
		
	By:	 	 /s/    Michael Yufeng Chi

	Name:	 	Michael Yufeng Chi
	Title:	 	Chairman and Chief Executive Officer
	
	SB ASIA INVESTMENT FUND II L.P.
		
	By:	 	SAIF II GP L.P., its sole general partner
	By:	 	SAIF Partners II L.P., its sole general partner,
	By:	 	SAIF II GP Capital Ltd., its sole general partner
		
	By:	 	 /s/    Andrew Y. Yan

	Name:	 	Andrew Y. Yan
	Title:	 	Managing Partner

  

 11 

 EXHIBIT A BIG BOY REPRESENTATION CERTIFICATE 
 BIG BOY REPRESENTATION CERTIFICATE 
 This certificate is being delivered by the
undersigned in connection with the SHARE REPURCHASE AGREEMENT (the “Purchase Agreement”), dated as of June 1, 2009, by and between Perfect World Co., Ltd., a company organized under the laws of the Cayman Islands, and SB Asia
Investment Fund II L.P., an exempted limited partnership organized and existing under the laws of the Cayman Islands. Capitalized terms used, but not defined, herein shall have the meanings given to such terms in the Purchase Agreement. This
certificate, upon execution and delivery, shall form a part of, and be integrated into, the Purchase Agreement. 
 1.Big Boy
Representation. Seller acknowledges that it is a sophisticated investor engaged in the business of assessing and assuming investment risks with respect to securities, including securities such as the Ordinary Shares, and further acknowledges
that Purchaser is entering into this Agreement with Seller in reliance on this acknowledgment and with Seller’s understanding, acknowledgment and agreement that Purchaser is privy to material non-public information regarding Purchaser
(collectively, the “Non-Public Information”), which Non-Public Information may be material to a reasonable investor, such as Seller, when making investment disposition decisions, including the decision to enter into the Purchase Agreement,
and Seller’s decision to enter into the Purchase Agreement is being made with full recognition and acknowledgment that Purchaser is privy to the Non-Public Information, irrespective of whether such Non-Public Information has been provided to
Seller. Seller hereby waives any claim, or potential claim, it has or may have against Purchaser relating to Purchaser’s possession of Non-Public Information. 
 IN WITNESS WHEREOF, this Big Boy Representations Certificate has been executed as of this      day of             , 2009.

  

			
	SB ASIA INVESTMENT FUND II L.P.
		
	By:	 	SAIF II GP L.P., its sole general partner
	By:	 	SAIF Partners II L.P., its sole general partner,
	By:	 	SAIF II GP Capital Ltd., its sole general partner
		
	By:	 	  

	Name:	 	Andrew Y. Yan
	Title:	 	Authorized Signatory

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