Document:

EX-10.6

 Exhibit 10.6 

Equity Interest Pledge Agreement 

Equity Interest Pledge Agreement 

This Equity Interest Pledge Agreement (the “Agreement”) is entered into on September 8, 2020 by and among the following
parties as the amendment and restatement of the Equity Interest Pledge Agreement entered into on May 13, 2020 by and among Shanghai Yiqi Zuoye Information Technology Co., Ltd., Shanghai Hexu Information Technology Co., Ltd., Chang Liu and Dun
Xiao: 
  

	(1)	 Shanghai Yiqi Zuoye Information Technology Co., Ltd. (the “Pledgee”), a wholly foreign
owned enterprise incorporated subject to the laws of the People’s Republic of China (“PRC”); 

  

	(2)	 Shanghai Hexu Information Technology Co., Ltd. (the “Company”), a limited liability
company incorporated subject to the PRC laws; and 

  

	(3)	 Chang Liu, a PRC citizen (PRC ID Card No.: [***]); and 

Zhan Xie, a PRC citizen (PRC ID Card No.: [***]) (together with Chang Liu, collectively as the “Pledgors”). 

(Each of the above Pledgee, the Company, and the Pledgors, hereinafter individually referred to as a “Party”, and collectively
the “Parties”.) 
 Recitals 
  

	(A)	 WHEREAS, as of the date of execution of this Agreement, the Pledgors totally hold 100% equity of the Company,
with the aggregate contribution amount being CNY thirty million (30,000,000.00). 

  

	(B)	 WHEREAS, an Exclusive Management Services and Business Cooperation Agreement was entered into by and among the
Pledgee, the Company and other relevant parties on May 13, 2020 (the “Exclusive Management Services and Business Cooperation Agreement”) under which the Company shall pay service costs to the Pledgee regarding certain services to be
provided by the Pledgee. 

  

	(C)	 WHEREAS, an Exclusive Call Option Agreement was entered into by and among the Parties on September 8, 2020
(the “Exclusive Call Option Agreement”) under which the Pledgors and the other shareholders of the Company respectively grants to the Pledgee the exclusive option to purchase, subject to the terms thereof, the equity or assets of
the Company. 

  

	(D)	 WHEREAS, an Proxy Agreement and Power of Attorney was entered into by and among the Parties on
September 8, 2020 (the “Proxy Agreement and Power of Attorney”) under which the Pledgors grants to the Pledgee the shareholders’ rights it has as one of the shareholders of the Company. 

 

	(E)	 WHEREAS, the spouse of Chang Liu and the spouse of Zhan Xie respectively executed the Consent Letters on
September 8, 2020 (the “Consent Letters by the Spouses”). 

 AND THEREFORE, the Parties agree as
below: 

  
 1 

 Equity Interest Pledge Agreement 

 
 Agreement 

 

	1.	 Main Agreements 

The Parties hereto acknowledge and confirm that the main agreements under the pledge guarantee hereunder consist of the Exclusive Management
Services and Business Cooperation Agreement, the Exclusive Call Option Agreement, the Proxy Agreement and Power of Attorney, the Consent Letters by the Spouses, and other varied agreements entered into by and among the Pledgors, the Company and/or
the Pledgee from time to time. 
  

	2.	 Pledge 

  

	2.1	 The Pledgors unconditionally and irrevocably pledge to the Pledgee all of the equity it holds of the Company
and the equity arising out of new capital they newly contribute to the Company subject to Section 5.3 hereof (including any and all interest or dividends accruing from the foregoing equity) (the “Pledged Equity”) as the
guarantee for the performance by the Pledgors and the Company of all obligations under the Main Agreements. 

  

	3.	 Guarantee Scope 

 

	3.1	 The scope of the guarantee by the Pledged Equity under this Agreement shall include all obligations of the
Pledgors and the Company under the Main Agreements, including but not limited to the borrowings and their interest (if applicable) under the Main Agreements, all service costs receivable by the Pledgee, all other balance due and debts payable to the
Pledgee (including but not limited to any amounts payable to the Pledgee’s affiliates), the liquidated damages (if any), the costs and expenses incurred due to exercise of the rights as a creditor and/or the pledge rights (including but not
limited to the attorney’s fee, arbitration costs, costs for assessment and auction of the Pledged Equity, et cetera) and any other related costs and expenses. To avoid doubt, the pledge scope shall not be limited by or subject to neither the
shareholders’ contribution amounts nor the amount of the creditors’ rights registered with the competent administration of industry and commerce, or the competent market supervision and management administration, with which the Company is
affiliated (the “AIC”). 

  

	3.2	 In case the AIC requires to clarifying the amount of the main creditors’ rights during handling of the
equity pledge registration, the Parties agree, for the sole purpose of handling such equity pledge registration, that the amount of the creditors’ rights under the Main Agreements shall be registered as CNY thirty million (30,000,000.00) plus
the amounts of any and all breach of contract liability and damages under the related agreements. The Parties further explicitly confirm that for the purpose of handling the equity pledge registration, the foregoing amount shall impair or limit any
rights or interests the Pledgee has under the applicable Main Agreements and this Agreement. 

  

	4.	 Pledge Term 

  

	4.1	 The pledge shall be continuously effective. The term of pledge will terminate on the earliest of the following:
(i) the date on which all Main Agreements have been fully performed, ceased to be effective or terminated (subject to the latest date) and all outstanding guaranteed debts have been paid or otherwise discharged, (ii) the date on which the
Pledgee exercises the pledge rights pursuant to the terms and conditions of this Agreement for the purpose of fully realizing the rights it has against the guaranteed debts and the Pledged Equity, or (iii) the date on which the Pledgors
transfer, subject to the Exclusive Call Option Agreement, all of their equity to the Pledgee or any third party nominated by the Pledgee and no longer hold any equity of the Company. 

 

	4.2	 During the effective term of the pledge, in the event any of the shareholders, or the Company or its
subsidiaries fail to perform its or their respective obligations under the Main Agreements, the Pledgee will have the right to dispose the Pledged Equity pursuant to the provisions of this Agreement. 

  
 2 

 Equity Interest Pledge Agreement 

 

	4.3	 The Pledgee shall have the right to collect any and all dividends or other distributable interests arising out
of the equity, and to decide, on its own, the distribution or disposal of such dividends or interests. 

  

	5.	 Registration 

  

	5.1	 The Company shall (i) on the date of execution of this Agreement, register the pledge in, and provide to
the Pledgee, the Company’s Shareholders’ Register, and (ii) within the practically shortest time after execution of this Agreement but not later than thirty (30) working days after execution of this Agreement, submit to the AIC
the pledge registration application and obtain the certification document(s) regarding completion of handling of pledge registration. The shareholders and the Company shall submit and provide all documents and procedures required by the PRC laws and
regulations and the competent AIC, so as to ensure the completion of the applicable registration procedures as soon as possible after submission of the pledge to the AIC. 

 

	5.2	 Without limiting any provisions under this Agreement, during the term of pledge, the original of the
Company’s Shareholders’ Register shall be kept custody by the Pledgee or any other person(s) nominated by the Pledgee. 

  

	5.3	 The Pledgors, after firstly obtaining the Pledgee’s consent, may increase its contributions to the Company
provided, however, that any of the Pledgors’ contributions to the Company shall be subject to the provisions of this Agreement, and that all the increased contributions shall fall into the Pledged Equity. The Company shall promptly change its
Shareholders’ Register pursuant to Section 5 above, and shall change the registration of pledge at the AIC(s) within five (5) working days. 

  

	6.	 Representations and Warranties of the Pledgors and the Company 

 

	6.1	 The Pledgors are the sole lawful owner of the Pledged Equity, and there is no actual or potential dispute in
ownership related to the Pledged Equity. The Pledgors have the right to dispose any of all the Pledged Equity subject to no limitation from any third party. 

  

	6.2	 The Pledgors have not created any encumbrance or other liens on the Pledged Equity except those set forth in
this Agreement and the Exclusive Call Option Agreement. 

  

	6.3	 The Company is a limited liability company officially incorporated and validly existing pursuant to PRC laws,
is officially registered at the competent administration of industry and commerce and has passed all annual inspections. The registered capital of the Company is CNY thirty million (30,000,000.00). 

 

	6.4	 The Pledgors and the Company fully understand the contents of this Agreement, and their execution and
performance of this Agreement are out of free will, and all of their expressions of intent are true. The Pledgors and the Company have, upon the Pledgee’s reasonable request, taken all necessary action, obtained all corporate authorizations
necessitated for execution and performance of this Agreement and executed all necessary documents, and have obtained the consents and approvals (if applicable) from the governmental authorities and third parties, so as to ensure the legality and
validity of the pledge hereunder. 

  

	6.5	 Its execution, delivery or performance of this Agreement will not: (i) result in breach of any applicable
PRC laws, (ii) be in conflict with the Company’s articles of association or other organizational documents, (iii) result in breach of, or constitute a default under, any contracts or documents to which it is a party or which have
binding force upon it, (iv) result in breach of any conditions for issuance and/or continuous validity of any licenses or permits which have been issued to any party, or (v) result in cancellation of, or imposition of additional conditions
for, any licenses or permits that have been issued to any party. 

  
 3 

 Equity Interest Pledge Agreement 

 

	7.	 Further Undertakings and Warranties of the Pledgors and the Company 

 

	7.1	 The Pledgors and the Company hereby undertake to the Pledgee that during the effective term of this Agreement:

  

	 	7.1.1	 Without the Pledgee’s prior written consent, the Pledgors will not transfer the Pledged Equity, or create
or permit creation of, any encumbrance or other liens on the Pledged Equity, or grant to any person to exercise any interests or options related to the Pledged Equity or other rights with respect thereto, or otherwise dispose the Pledged Equity,
except as necessitated for performance of the Exclusive Call Option Agreement. 

  

	 	7.1.2	 The Pledgors and the Company shall comply with the provisions of all laws and regulation applicable to pledge,
and shall submit to the Pledgee, within five (5) working days after receipt of, and comply with, any notices, orders or suggestions regarding pledge issued or prepared by the competent regulatory authorities, and shall propose or file claims or
complaints regarding the foregoing. 

  

	 	7.1.3	 Neither the Pledgors nor the Company may take, or permit any person to take, any action that may damage, impair
or otherwise harm the value of the Pledged Equity or the Pledgee’s pledge rights. The Pledgors and the Company shall promptly inform the Pledgee after it becomes aware of or receive any event or notice that may adversely affect any rights the
Pledgee has with respect to the Pledged Equity or other obligations of the Pledgors under this Agreement. The Pledgee shall not be liable for any depreciation of value of the Pledged Equity, and neither the Pledgors nor the Company may recover or
claim against the Pledgee in any form. 

  

	 	7.1.4	 Subject to the provisions of the applicable PRC laws and regulations, the pledge under this Agreement shall be
the continuous guarantee and be fully valid during the existence of this Agreement, and remains unaffected, even if the Pledgors or the Company becomes insolvent, suffers liquidation, loses capacity for conduct or has any change in organization or
status or if there occurs any setoff of funds or any other events during the Parties. 

  

	7.2	 The Pledgors agree that any rights obtained by the Pledgee hereunder related to pledge shall not be interrupted
or impaired through any legal procedures by the Company, the Pledgors, the successors or representatives of the Pledgors, or any other persons (collectively, the “Related Persons”). The Pledgors warrant to the Pledgee that they have
made all proper arrangements and executed all necessary documents, to ensure that upon their death, loss of capacity for conduct, bankruptcy, divorce or occurrence of any other circumstance that may adversely affect their exercise of equity, the
performance of this Agreement will not be affected or impaired by their successors, guardians, creditors, spouses or any other persons that may obtain the equity or rights related thereto accordingly. 

 

	 	7.2.1	 Without the Pledgee’s prior written consent, the Related Persons shall not amend, change or modify the
Company’s memorandum of association or articles of association, or increase or decrease the Company’s registered capital, or change the Company’s registered capital structure in any form. 

  
 4 

 Equity Interest Pledge Agreement 

 

	 	7.2.2	 Without the Pledgee’s prior written consent, the Related Persons shall not sell, transfer, mortgage or
dispose, in any form, any assets of the Company or any subsidiaries of the Company or any legal or beneficial interests in the business or revenue of the Company or permit creation of any encumbrance related thereto. 

 

	 	7.2.3	 Without the Pledgee’s prior written consent, the Related Persons shall not distribute dividends, make
property distributions, decrease of capital, initiation of liquidation procedures or make distributions in any other form, to or against the shareholders by any method. Any distributions, including but not limited to the distributed property or the
remaining property under liquidation, shall be deemed to be part of the pledge. 

  

	 	7.2.4	 Without the Pledgee’s prior written consent, the Related Persons shall not commit any act that will or may
result in depreciation of the Pledged Equity or impair the validity of the pledge of this Agreement. In the event there is any depreciation in the value of the Pledged Equity that will impair the Pledgee’s rights, the Related Persons shall
promptly notify the Pledgee and upon the Pledgee’s reasonable request, provide as guarantee other property to the Pledgee’s satisfaction and take necessary action to solve the foregoing events or reduce their adverse effects.

  

	7.3	 For the purpose of protecting or perfecting the encumbrance created hereunder regarding payment of amounts
under the Main Agreements, the Pledgors hereby undertake that they will honestly execute, and procure other parties related to the pledge to execute, all certifications, agreements, contracts and/or undertakings as required by the Pledgee. The
Pledgors further undertake to take, and procure other parties related to the pledge to take, any action as required by the Pledgee due to its exercise of any rights or powers hereunder, and shall provide all notices, orders and decisions related to
pledge as required by the Pledgee. 

  

	7.4	 The Pledgors hereby undertake to comply with and perform all warranties, undertakings, covenants,
representations and conditions hereunder. The Pledgors shall compensate all losses suffered by the Pledgee arising out of or in connection with their failure to perform, or partial performance of, such warranties, undertakings, covenants,
representations or conditions. 

  

	8.	 Exercise of the Pledge Rights 

 

	8.1	 Any of the following events will constitute an exercise event hereunder (the “Exercise Event”)
(except remedies or exemption has been made, the Exercise Event will be deemed to be “continuous”): 

  

	 	8.1.1	 Any representations, warranties or declarations made by the Pledgors or the Company under this Agreement or the
Main Agreements are untrue, incomplete or inaccurate; or, the Pledgors or the Company breaches, or fails to perform any obligations or comply with any undertakings, under this Agreement or the Main Agreements. 

 

	 	8.1.2	 Any or more of the Pledgors’ or the Company’s obligations under this Agreement or any of the Main
Agreements are deemed to be illegal or invalid. 

  

	 	8.1.3	 The Company terminates business or is dissolved, or is ordered to terminate business or dissolve, or becomes
bankrupt. 

  

	 	8.1.4	 The Pledgors and/or the Company involves any disputes, proceedings, arbitrations or administrative procedures
or any other legal proceedings or governmental consultancy, action or investigation as reasonably deemed by the Pledgee to have material adverse effects upon any of the following matters: (i) the capacity for the Pledgors’ performance of
their obligations under this Agreement or any of the Main Agreements, or (ii) the capacity for the Company’s performance of their obligations under this Agreement or any of the Main Agreements. 

  
 5 

 Equity Interest Pledge Agreement 

 

	 	8.1.5	 Any other circumstances under which the Pledged Equity may be disposed pursuant to the applicable laws and
regulations. 

  

	8.2	 Once upon the occurrence of an Exercise Event and during the existence of such Exercise Event, the Pledgee
shall have the right to exercise all rights as the guaranteed person pursuant to the effective PRC laws (including but not limited to the provisions of the Guarantee Act of the People’s Republic of China and the Property Act of the
People’s Republic of China), including but not limited to: 

  

	 	8.2.1	 to sell, auction or realize part or all of the Pledged Equity at one or more public or private trading
occasions, under which situation the transaction may be carried out in cash, credit trade or future delivery; or 

  

	 	8.2.2	 to execute, or nominate any entity to execute, an agreement with the Pledgors to purchase the Pledged Equity at
the currency value as determined by reference to the market price of the pledged property. 

 The Pledgee shall have the
right to firstly compensated regarding the costs and expenses described in Section 3 above from the price obtained by disposal of the Pledged Equity as per the manner above. 

 

	8.3	 The Pledgee may directly exercise its pledge rights hereunder without firstly exercising other guarantee or
rights, or taking any other action or procedures against the Pledgors and/or the Company or any other persons, or firstly exercising any other breach of contract remedies. 

 

	8.4	 Upon the Pledgee’s request, the Pledgors and the Company shall take any and all legal and appropriate
action to ensure the exercise by the Pledgee of its pledge rights. With respect to the foregoing, the Pledgors and the Company shall execute all documents and materials, and take all measures and action, as reasonably requested by the Pledgee.

  

	9.	 Transfer 

  

	9.1	 Without the Pledgee’s prior written consent, neither the Company nor the Pledgors may transfer any of its
or their rights or obligations hereunder to any third party. 

  

	9.2	 Both the Company and the Pledgors hereby agree that the Pledgee may at its sole discretion transfer any of its
rights or obligations hereunder only after issuing a written notice to the Company and the Pledgors regarding its transfer of its rights or obligations hereunder without obtaining consent from the other Parties regarding the transfer thereof.

  

	9.3	 The rights and obligations hereunder shall be legally binding upon each Party’s assignees and successors
whether or not the transfer of such rights or obligations is caused by acquisition, reorganization, succession, transfer, assignment or any other reason. 

  

	9.4	 The Pledgee may, at any time, transfer any or all of its rights or obligations under the Main Agreements to any
person it nominates (whether a natural person or a legal person) under which situation, the assignee(s) shall have the same rights and obligations as those enjoyed and borne by the Pledgee under this Agreement, as if it has and bears such rights and
obligations as is a party to this Agreement. Upon transfer by the Pledgors of their rights and obligations under the Main Agreements, the Pledgors and/or the Company shall, as required by the Pledgee, execute the applicable agreements and documents
in connection therewith (including but not limited to execution with the assignees of a new equity interest pledge agreement of the contents and format consistent with this Agreement). 

  
 6 

 Equity Interest Pledge Agreement 

 

	9.5	 In case the Pledgee hereunder is changed due to the Pledgee’s transfer as described above, the parties to
the new pledge shall newly execute the Equity Interest Pledge Agreement, and the Pledgors and the Company shall assist the assignees to handle all formalities regarding change of equity pledge registration (if applicable). 

 

	9.6	 In the event that any of the Pledgors discontinues to own any equity of the Company, it shall be automatically
deemed that such Pledgor shall discontinue to be a party to this Agreement. In the event that any third party becomes a shareholder to this Company, the Company and all then currently Shareholders shall try their best efforts to procure such third
party to execute appropriate legal documents to become one of the Pledgors hereunder as soon as possible. 

  

	10.	 Termination 

  

	10.1	 Without the Pledgee’s written consent, neither the Pledgors nor the Company nay terminate this Agreement
under any circumstance. 

  

	10.2	 This Agreement shall terminate upon expiry of the pledge term pursuant to Section 4 above. Upon or after
the termination of this Agreement, the Pledgee shall, as required by the Pledgee and within the reasonably and practically shortest time, terminate the pledge of the Pledged Equity hereunder, and cooperate the Pledgors to handle deregistration of
the pledge of equity recorded in the Company’s Shareholders’ Register and deregistration of the pledge at the competent AIC. 

  

	11.	 Confidentiality 

The Parties hereby acknowledge that any and all oral or written communications regarding this Agreement shall be confidential information. Each Party shall
keep confidential all of the aforesaid information, and without written consent from the other Parties, shall not disclose to any third party any related information except the information that: (a) has entered or will enter the public domain
for any reason except as being publicly disclosed by the receiving party, (b) is disclosed subject to the applicable laws or regulations or stock exchange requirements, or (c) that has to be disclosed by any Party to its legal counsels or
financial consultants with respect to the transactions contemplated hereunder who must be bound by the obligations of confidentiality similar to those under this paragraph. In case any employee or agency employed by any Party discloses any
confidential information, it shall be deemed that such Party discloses such confidential information and shall bear the breach of contract liability accordingly. The provisions under this paragraph shall survive the termination of this Agreement for
any reason. 
  

	12.	 Breach of Contract Liability 

 

	12.1	 In the event that any party fails to perform any of its obligations hereunder or that any of its
representations or warranties hereunder is essentially inaccurate or incorrect, such party shall be in default of this Agreement and shall compensate all actual economic losses suffered by the other parties. And this Section 12 shall not affect
the Pledgee’s any other rights under this Agreement. 

  

	12.2	 This Section shall be legally binding whether or not this Agreement is amended, cancelled or terminated.

  
 7 

 Equity Interest Pledge Agreement 

 

	13.	 Entire Agreement and Amendment 

 

	13.1	 This Agreement and all agreements and/or documents expressly mentioned or incorporated herein shall constitute
the entire agreement regarding the subject matters herein, and shall supersede all oral agreements, contracts, understandings and communications previously entered into by and among the Parties regarding the subject matters herein, including but not
limited to the Equity Interest Pledge Agreement entered into on May 13, 2020 by and among Shanghai Yiqi Zuoye Information Technology Co., Ltd., Shanghai Hexu Information Technology Co., Ltd., Chang Liu and Dun Xiao which shall terminate on
September 8, 2020 and be superseded by this Agreement. 

  

	13.2	 Any amendments to this Agreement shall be made in writing and will enter into force only after being signed by
the Parties hereto. The amendments or revisions signed by the Parties shall form part of this Agreement and shall be of equal legal force with this Agreement. 

 

	14.	 Governing Law and Dispute Settlement 

 

	14.1	 The execution, validity, interpretation, performance, amendment and termination of this Agreement and the
settlement of any dispute hereunder shall be governed by PRC laws. 

  

	14.2	 Any disputes arising out of or in connection with this Agreement shall be submitted to China International
Economic and Trade Arbitration Commission to be arbitrated in accordance with its arbitration rules effective upon application for arbitration. The arbitration award shall be final and binding upon all Parties. The place of arbitration shall be
Beijing. Except for the portions submitted for arbitration, the other portions of this Agreement shall continue to be valid. The validity of this Section shall not be affected whether this Agreement is amended, cancelled or terminated.

  

	15.	 Effective Date and Term 

 

	15.1	 This Agreement shall be executed and enter into force on the date first written above, as the amendment and
restatement of the Equity Interest Pledge Agreement entered into on May 13, 2020 by and among Shanghai Yiqi Zuoye Information Technology Co., Ltd., Shanghai Hexu Information Technology Co., Ltd., Chang Liu, and Dun Xiao, and the Parties agree
and confirm that the force of this Agreement shall be retroactive to September 8, 2020. 

  

	15.2	 This Agreement shall be continuously effective during the existence of the pledge. 

 

	16.	 Notice 

  

	16.1	 Any notices or other communications hereunder issued by any Party shall be made in English or Chinese and may
be sent by personal delivery, registered mail with prepaid postage or recognized express mail service or by facsimile to the recipient addresses specified by the relevant Parties from time to time. It shall be deemed that the notice has been
actually delivered (a) if by personal delivery, on the date of personal delivery, (b) if by mail, on the tenth day after the registered air mail with prepaid postage is posted (subject to the postmark date), or on the fourth day after
delivered to the express mail service, or (c) if by facsimile, at the receiving time indicated on the transmission confirmation slip of the corresponding documents. 

 

	16.2	 The addresses of the Parties are listed below for the purpose of notification: 

To the Pledgee: 
 Address:
[***] 
 Recipient: Chang Liu 

Telephone: [***] 

  
 8 

 Equity Interest Pledge Agreement 

 
 To the Pledgors: 

Address: [***] 
 Recipient: Chang
Liu 
 Telephone: [***] 
 To
the Company: 
 Address: [***] 

Recipient: Chang Liu 
 Telephone:
[***] 
  

	16.3	 Any Party may send a notice to the other Parties pursuant to this Section to change its recipient address of
notification from time to time. 

  

	17.	 Severability 

In case any provision hereunder is deemed to be invalid or unenforceable due to inconsistency with any applicable laws, such provision shall be
invalid or unenforceable to the extent such law is applicable, and the validity, legality or enforceability of the other provisions hereunder shall not be affected. The Parties shall, through good faith negotiations, try to replace such invalid,
illegal or unenforceable provisions with an effective provision that is legally permitted and satisfies the Parties’ expectation to greatest extent, and the economic results caused by such effective provisions shall be similar to the economic
results caused by such invalid, illegal or unenforceable provision as far as possible. 
  

	18.	 Counterparts 

This Agreement is made by the Parties in four (4) originals of equal legal force, one (1) for each Party. This Agreement may be
signed through one or more counterparts. 
 [The following is the signature page(s)] 

  
 9 

 Equity Interest Pledge Agreement 

 
 In witness thereof, the Parties cause this Agreement to be signed on the date first
written above. 
  

	
	Shanghai Yiqi Zuoye Information Technology Co., Ltd.
	Seal: (Public Seal)
	/s/ Shanghai Yiqi Zuoye Information Technology Co., Ltd.

  

			
	By:	 	 /s/ Chang Liu

			
	Authorized Representative: Chang Liu

  

	
	Shanghai Hexu Information Technology Co., Ltd.
	Seal: (Public Seal)
	/s/ Shanghai Hexu Information Technology Co., Ltd.

  

			
	By:	 	 /s/ Chang Liu

			
	Authorized Representative: Chang Liu

			
	
	Chang Liu
		
	By:	 	 /s/ Chang Liu

			
	
	Zhan Xie
		
	By:	 	 /s/ Zhan Xie

 Equity Interest Pledge Agreement 

 
 Shareholders’ Register of Shanghai Hexu Information Technology
Co., Ltd. 
 (Compiled on September 8, 2020; the corporate registered capital is CNY 30,000,000.00 and the paid-up capital is CNY 30,000,000.00) 
  

													
	 No.
	  	Name of
Shareholder	  	ID Card No.	  	Address	  	Contribution Amount
(Equity Percentage)	  	Contribution
Methods	  	 Pledge Information

Pledgee(s)

	 001
	  	Chang Liu	  	[***]	  	[***]	  	CNY 29,700,000.00 (99%)	  	Currency	  	Already pledged to Shanghai Yiqi Zuoye Information Technology Co., Ltd.
	 002
	  	Zhan Xie	  	[***]	  	[***]	  	CNY 300,000.00 (1%)	  	Currency	  	Already pledged to Shanghai Yiqi Zuoye Information Technology Co., Ltd.

  

					
	Shanghai Hexu Information Technology Co., Ltd.
	(Public Seal)
	/s/ Shanghai Hexu Information Technology Co., Ltd.
			
	Signature	 	:  	 	 /s/ Chang Liu

	Name	 	:  	 	Chang Liu
	Title	 	:  	 	Statutory Representative
	Date	 	:  	 	September 8, 2020EX-10.7

 Exhibit 10.7 

Exclusive Management Services and Business Cooperation Agreement 

Exclusive Management Services and Business Cooperation Agreement 

This Exclusive Management Services and Business Cooperation Agreement (the “Agreement”) is entered into on May 13, 2020
by and among the following parties as the amendment and restatement of the Exclusive Consultancy and Service Agreement entered into on May 29, 2013 by and between Shanghai Yiqi Zuoye Information Technology Co., Ltd. and Shanghai Hexu
Information Technology Co., Ltd.: 
  

	(1)	 Shanghai Yiqi Zuoye Information Technology Co., Ltd. (“Party A”), a wholly foreign
owned enterprise incorporated subject to the laws of the People’s Republic of China (“PRC”); and 

  

	(2)	 Shanghai Hexu Information Technology Co., Ltd. (“Party B”), a limited liability company
incorporated subject to the PRC laws. 

  

	(3)	 All entities listed in Annex 1 hereto and the agencies that are invested and controlled (including
control through agreement arrangement) by Party B and updated from time to time pursuant to this Agreement (including but not limited to the companies and related agencies 50% investment interest of which is directly or indirectly owned by Party B)
(collectively, the “Party B’s Subsidiaries”). 

 (Party A, Party B and Party B’s Subsidiaries
hereinafter collectively referred to as the “Parties”; each, a “Party”.) 
 The Parties agree as below
under the principle of equality and mutual benefit and through amicable negotiations: 
  

	1.	 Provision of Services: 

 

	1.1	 Subject to the terms and conditions herein, Party B hereby irrevocably nominate and appoint Party A as Party B
and Party B’s Subsidiaries to serve as the exclusive service provider to provide the technical and business support services listed in Annex 2 attached hereto. 

 

	1.2	 Party A may at its sole discretion nominate and appoint any of its affiliates (including Party A’s
overseas Parent and the subsidiaries it directly or indirectly controls) to provide any services under this Section. 

  

	1.3	 During the term of this Agreement, without Party A’s written consent, neither Party B nor Party B’s
Subsidiaries may obtain directly or indirectly any services similar to those hereunder or enter into any similar service agreement, or establish any similar cooperation relationships, with any third party. 

 

	1.4	 For the purpose of ensuring that Party B and/or Party B’s Subsidiaries comply with the cash flow
requirements during routine operations and/or set off any losses incurred during its operations, whether or not Party B actually suffers any of such operating losses, Party A may at its sole discretion decide to provide financial support to Party B
and/or Party B’s Subsidiaries (only to the extent permitted by PRC laws), or provide security for the performance of other contracts or agreements between Party B and/or Party B’s Subsidiaries and any third party regarding its or their
business by acting as the guarantor or warrantor under such other contracts or agreements. Party A may provide financial support to Party B and/or Party B’s Subsidiaries by banking entrusted loan or borrowing, with such entrusted loan or
borrowing contract to be separately signed. Party B and Party B’s Subsidiaries agree and confirm that in case it or they need any financial support or any security for performance of any contract or borrowings, it or they shall firstly turn to
and ask Party A to be the lender, guarantor or warrantor. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	1.5	 The Parties agree that the services to be provided by Party A to Party B also apply to Party B’s
Subsidiaries, and that Party B’s Subsidiaries agree and Party B agrees to procure Party B’s Subsidiaries to exercise their rights hereunder and perform their obligations hereunder. 

 

	2.	 Service Costs and Payment 

 

	2.1	 Party A may at its sole discretion decide the service costs to be paid by Party B and/or Party B’s
Subsidiaries as the service recipients and the terms of payment thereof. The method for calculation of the service costs and the terms of payment thereof are set forth in Annex 3 hereto. 

 

	2.2	 In case Party B at its sole discretion holds that the method for calculation of the service costs will not be
applicable during the term of this Agreement, Party A may adjust the service costs by notifying Party B and/or Party B’s Subsidiaries ten (10) days in advance from time to time. 

 

	3.	 Intellectual Property Rights 

 

	3.1	 Any and all intellectual property rights developed during the performance of this Agreement, including but not
limited to copyrights, patents and patent application rights, technology secrets, trade secrets and know-how, shall belong to Party A, and Party A shall be solely and exclusively entitled to the ownership,
rights and interests of and to such intellectual property rights. Unless otherwise explicitly provided herein, neither Party B nor Party B’s Subsidiaries shall have any rights to any of such intellectual property rights. To avoid doubt, with
respect to the intellectual property rights that have already been owned, or applied for to the competent authorities, by Party B and/or Party B’s Subsidiaries as of the execution date of this Agreement, except those that are necessitated by
Party B and/or Party B’s Subsidiaries due to its or their carrying out of normal business operations as confirmed by Party A and those that must be held by Party B or Party B’s Subsidiaries as prescribed by the applicable domestic laws and
regulations, the interest owners and/or applicants of the remaining intellectual property rights shall, upon Party A’s request, transfer such intellectual property rights to Party A or Party A’s affiliates, with the intellectual property
rights transfer agreements to be separately signed by and between Party B or Party B’s Subsidiaries and Party A or Party A’s affiliates. 

  

	3.2	 If any development is based on any intellectual property rights owned by Party B and/or Party B’s
Subsidiaries, Party B and/or Party B’s Subsidiaries shall ensure and warrant that there are no flaws or defects therein. Otherwise, Party B and Party B’s Subsidiaries shall bear any and all damage and losses suffered by Party A arising out
of such flaws or defects. In the event Party A assumes any liability to any third party in connection therewith accordingly, Party A shall have the right to be indemnified by Party B and/or Party B’s Subsidiaries regarding all of its losses.

  

	3.3	 The Parties agree that this Section shall survive the amendment, termination or invalidation of this Agreement.

  

	4.	 Representations and Warranties 

 

	4.1	 Party A hereby represents and warrants below: 

 

	 	(a)	 It is a wholly foreign owned enterprise incorporated and effectively existing subject to PRC laws.

  

	 	(b)	 Its execution and performance of this Agreement is within the scope of its corporate powers and its business
scope. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	 	(c)	 It has taken necessary corporate action and obtained appropriate authority, and obtained necessary consent and
approvals (if needed) from third parties and governmental authorities, to execute, deliver and perform this Agreement. 

  

	 	(d)	 Its execution, delivery or performance of this Agreement will not breach (i) any provisions of its
business licenses or articles of association, (ii) any laws, regulations, authorizations or approvals binding upon it or having effect upon it, or (iii) any provisions of any contracts or agreements to which it is a party.

  

	 	(e)	 This Agreement shall constitute lawful, valid and binding obligations against Party A and may be enforced
against it pursuant to its terms. 

  

	4.2	 Party B and each of Party B’s Subsidiaries hereby represent and warrant below: 

 

	 	(a)	 It is an enterprise incorporated and effectively existing subject to PRC laws. 

 

	 	(b)	 Its execution and performance of this Agreement is within the scope of its powers and its business scope.

  

	 	(c)	 It has taken necessary action and obtained appropriate authority, and obtained necessary consent and approvals
(if needed) from third parties and governmental authorities, to execute, deliver and perform this Agreement. 

  

	 	(d)	 Its execution, delivery or performance of this Agreement will not breach (i) any provisions of its
business licenses or articles of association, (ii) any laws, regulations, authorizations or approvals binding upon it or having effect upon it, or (iii) any provisions of any contracts or agreements to which it is a party.

  

	 	(e)	 This Agreement shall constitute lawful, valid and binding obligations against it and may be enforced against it
pursuant to its terms. 

  

	4.3	 Party B and each of Party B’s Subsidiaries hereby further agree to warrant to Party A as below for the
purposes of clarifying the rights and obligations between the Parties, ensuring specific performance of each of the provisions regarding provision by Party A to Party B and/or Party B’s Subsidiaries and ensuring payment of each of amounts due
and payable by Party B and/or Party B’s Subsidiaries to Party A: 

  

	 	(a)	 Party B and/or Party B’s Subsidiaries will timely and fully pay to Party A the service costs subject to
provisions of this Agreement. 

  

	 	(b)	 During the service term: 

 

	 	(i)	 Party B and/or Party B’s Subsidiaries will operate and handle all necessary formalities related to
operations pursuant to the applicable PRC laws and regulations, and will timely submit to Party A the photocopies of such licenses. 

  

	 	(ii)	 Party B and/or Party B’s Subsidiaries will maintain the continuous validity of all licenses,
authorizations, approvals and qualifications related to its business. 

  

	 	(iii)	 Party A shall have the right to propose suggestions or requirements regarding the routine operations, financial
management or staff employment of Party B and/or Party B’s Subsidiaries; and with respect to such suggestions and/or requirements proposed by Party A, Party B and Party B’s Subsidiaries shall proactively cooperate in connection with the
services provided by Party A and accept reasonable comments and suggestions proposed by Party A regarding its business. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	 	(iv)	 Party B and Party B’s Subsidiaries shall provide to Party A the relevant information and documents as
required by Party A; and shall nominate a specific person(s) to be in charge of liaison and work coordination with Party A, and shall proactively cooperate Party A in connection with Party A’s onsite investigation and survey and data collection
at Party B and/or Party B’s subsidiaries. 

  

	 	(v)	 If necessary, Party B and Party B’s Subsidiaries shall provide to Party A’s professionals necessary
work facilities and work conditions and shall bear the corresponding costs and expenses incurred by such professionals during their provision of management services at Party B. 

 

	 	(vi)	 Party B and Party B’s Subsidiaries shall provide to Party A any and all techniques and other materials,
and permit Party A to enter the relevant sites and facilities, needed as deemed by Party A for Party A’s performance of its obligations hereunder. 

  

	 	(c)	 Party B and Party B’s Subsidiaries undertake to develop and operate the relevant services effectively,
prudently and lawfully, maintain and timely update all licenses and authorizations necessitated for provision by Party B and Party B’s Subsidiaries of the relevant services hereunder, so as to maintain the validity and full legal force of such
licenses and authorizations; and shall set and maintain an independent accounting unit for the corresponding services. 

  

	 	(d)	 Without Party A’s prior written consent, neither Party B nor any of Party B’s Subsidiaries may
change, dismiss and replace, or remove from office any of its directors or senior executives; Party B and Party B’s Subsidiaries shall, subject to the procedures under the applicable laws and regulations and its or their corporate articles of
association, procure the person(s) nominated by Party A to serve at the director(s) of Party B and/or Party B’s Subsidiaries, and shall procure such elected director(s) to elect the person recommended by Party A as the BOD chairman, and shall
appoint the person(s) nominated by Party A to serve as all senior executives of Party B and/or Party B’s Subsidiaries (including but not limited to, the general manager, the chief financial manager, all chief business officers, financial
management staff, financial controllers and accountants). For the purpose of this paragraph, Party B and Party B’s Subsidiaries shall, subject to the provisions of the applicable laws, the articles of association and this Agreement, take any
and all necessary internal and external procedures to complete the foregoing dismissal and appointment formalities. 

  

	 	(e)	 Party A may audit the accounts of Party B and Party B’s Subsidiaries periodically or from time to time.
During the service term, Party B and Party B’s Subsidiaries shall cooperate Party A and Party A’s direct or indirect shareholder(s) to carry out audit, due diligence and other work, and shall provide to the auditors and/or other
professionals engaged by it or them the information and materials related to the operations, business, customers, finance, employees, et cetera of Party B and Party B’s Subsidiaries, and agree Party A or its shareholder(s) to disclose such
information and materials as necessitated for listing or to satisfy applicable stock exchange requirements. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	 	(f)	 Party B and each of Party B’s Subsidiaries hereby agree that upon request by Party A in writing, it will
promptly guarantee its performance of the obligations of paying the services costs under Section 2.1 hereof by using all of its then owned receivables and/or its other lawfully owned and disposable assets to the extent then permitted by law.
Party B and each of Party B’s Subsidiaries hereby agree that it will always maintain during the effective term of this Agreement the entire operation licenses needed for its operations and the full rights and qualifications to carry out its
business that was currently carried out within the PRC. 

  

	 	(g)	 Unless otherwise agreed by Party A in writing in advance, neither Party B nor each of Party B’s
Subsidiaries may carry out any transactions that may substantially affect its assets, obligations, rights or entity operations, including but not limited to: 

  

	 	(i)	 any activities that exceed the entities’ normal operation scopes, or any business operations inconsistent
with past and usual practice; 

  

	 	(ii)	 any borrowings from any third party or bearing of any debt; 

 

	 	(iii)	 any change or removal of any director or dismissal of any senior executives; 

 

	 	(iv)	 any sales, acquisition or otherwise disposal of any assets or rights to or from any third party, including but
not limited to any intellectual property rights; 

  

	 	(v)	 any provision of any security by its assets or intellectual property rights or in any form or creation of any
lien on the entities’ assets, to any third party and for any reason other than for its own debt; 

  

	 	(vi)	 any amendment to any entity’s articles of association or change of any entity’s business scope;

  

	 	(vii)	 any change of any entity’s operation practices or business procedures or any amendment to any significant
internal regulations or policies; 

  

	 	(viii)	 any significant adjustment of its business operation practice, marking strategy, operation guidelines or
customer relationships; 

  

	 	(ix)	 any distribution of any dividends or interests in any form; 

 

	 	(x)	 any liquidation of any entity and distribution of its remaining assets; 

 

	 	(xi)	 any transfer to any third party of any of its rights or obligations hereunder; 

 

	 	(xii)	 any entry into any other agreements or arrangements conflicting with this Agreement or that may harm Party
A’s interests hereunder; or 

  

	 	(xiii)	 any arrangements by carrying out contract operations, leasing operations, merger or consolidations, division,
joint operations, shareholding reform or other methods of changing operation practices or ownership structures, or any disposal of all or substantial part of Party B’s assets or interests by transfer, assignment, shareholding contribution based
on contribution or any other method. 

 Furthermore, Party B and each of Party B’s Subsidiaries shall, upon occurrence
of any circumstances that may result in material adverse effects upon its business or operations, timely inform Party A and shall try its best efforts to prevent occurrence of such circumstances and/or expansion of loss. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	4.4	 Each of the Parties hereby warrants to the other Parties that it will execute all reasonable and necessary
documents and take all reasonable and necessary action, including but not limited to, issuing necessary authorization documents to the other Parties, to perform the provisions of this Agreement and realize the purpose of this Agreement.

  

	5.	 Confidentiality 

 

	5.1	 Party B and Party B’s Subsidiaries agree to try their best to take all kinds of reasonable measures to
keep confidential all the confidential data and information obtained due to their performance of this Agreement (“Confidential Information”). Without Party A’s written consent, neither Party B nor Party B’s Subsidiaries
may disclose, provide or transfer to any third party any of such Confidential Information except the information that: (a) has entered or will enter the public domain for any reason except as being publicly disclosed by the receiving party,
(b) is disclosed subject to the applicable laws or regulations or stock exchange requirements, or (c) that has to be disclosed by any Party to its legal counsels or financial consultants with respect to the transactions contemplated
hereunder who must be bound by the obligations of confidentiality similar to those under this paragraph. In case any employee or agency employed by any Party discloses any Confidential Information, it shall be deemed that such Party discloses such
Confidential Information and shall bear the breach of contract liability accordingly. The provisions under this paragraph shall survive the termination of this Agreement for any reason. 

 

	5.2	 Upon termination of this Agreement, Party B and each of Party B’s Subsidiaries shall, upon Party A’s
request, return to Party A, or destroy by itself, any and all documents, data and/or software containing Confidential Information, and shall delete all Confidential Information from all related memory devices and shall not use any of such
Confidential Information. 

  

	5.3	 This Section shall survive the amendment, cancellation or termination of this Agreement. 

 

	6.	 Breach of Contract Liability 

 

	6.1	 In the event that any party fails to perform any of its obligations hereunder or that any of its
representations or warranties hereunder is essentially inaccurate or incorrect, such party shall be in default of this Agreement and shall compensate all losses suffered by the other parties or shall pay the liquidated damages as per the agreement
separately entered into with the relevant parties. 

  

	6.2	 In the event that Party B or Party B’s Subsidiaries commit a default under Section 6.1, Party B and
Party B’s Subsidiaries shall fully compensate any and all losses, damage and liability suffered or borne by Party A arising out of or in connection with its performance of its obligations hereunder or provision of services hereunder, including
the losses, costs and expenses incurred due to any proceedings, claims or other demands. 

  

	6.3	 This Section shall survive the amendment, cancellation or termination of this Agreement. 

 

	7.	 Validity, Term and Termination 

 

	7.1	 This Agreement shall be executed and enter into force on the date first written above, as the amendment and
restatement of the Exclusive Consultancy and Service Agreement entered into on May 29, 2013 by and between Shanghai Yiqi Zuoye Information Technology Co., Ltd. and Shanghai Hexu Information Technology Co., Ltd., and the Parties agree and
confirm that the force of this Agreement shall be retroactive to November 11, 2018. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	7.2	 Unless terminated pursuant to the provisions of this Agreement, this Agreement shall be effective for ten
(10) years and shall be automatically renewed for additional ten (10) years upon expiry without being limited in renewal times. 

  

	7.3	 Without Party A’s written consent, neither Party B nor Party B’s Subsidiaries may terminate this
Agreement. 

  

	7.4	 Notwithstanding the foregoing provisions, Party A shall have the right to terminate this Agreement at its sole
discretion by notifying Party B and Party B’s Subsidiaries in writing ten (10) days in advance from time to time. 

  

	8.	 Governing Law and Dispute Settlement 

 

	8.1	 The execution, validity, interpretation, performance, amendment and termination of this Agreement and the
settlement of any dispute hereunder shall be governed by PRC laws. 

  

	8.2	 Any disputes arising out of or in connection with this Agreement shall be submitted to China International
Economic and Trade Arbitration Commission to be arbitrated in accordance with its arbitration rules effective upon application for arbitration. The arbitration award shall be final and binding upon all Parties. The place of arbitration shall be
Beijing. Except for the portions submitted for arbitration, the other portions of this Agreement shall continue to be valid. The validity of this Section shall not be affected whether this Agreement is amended, cancelled or terminated.

  

	9.	 Notice 

  

	9.1	 Any notices or other communications hereunder issued by any Party shall be made in Chinese and may be sent by
personal delivery, registered mail with prepaid postage or recognized express mail service or by facsimile to the recipient addresses specified by the relevant Parties from time to time. It shall be deemed that the notice has been actually delivered
(a) if by personal delivery, on the date of personal delivery, (b) if by mail, on the tenth day after the registered air mail with prepaid postage is posted (subject to the postmark date), or on the fourth day after delivered to the
internationally recognized express mail service, or (c) if by facsimile, at the receiving time indicated on the transmission confirmation slip of the corresponding documents. 

 

	9.2	 The addresses of the Parties are listed below for the purpose of notification: 

To Party A: 
 Address:
[***] 
 Recipient: Chang Liu 

Telephone: [***] 
 To Party B
and Party B’s Subsidiaries 
 Address: [***] 

Recipient: Chang Liu 
 Telephone:
[***] 
  

	9.3	 Any Party may send a notice to the other Parties pursuant to this Section to change its recipient address of
notification from time to time. 

  

	10.	 Transfer and Change of Parties to This Agreement 

 

	10.1	 Without Party A’s prior written consent, neither Party B nor each of Party B’s Subsidiaries may
transfer or assign any of its rights or obligations hereunder to any third party. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	10.2	 Party B and Party B’s Subsidiaries hereby agree that Party A may transfer any of its rights or obligations
hereunder only after issuing a written notice to the Party B and Party B’s Subsidiaries regarding its transfer of its rights or obligations hereunder without obtaining consent from Party B and Party B’s Subsidiaries regarding the transfer
thereof. 

  

	10.3	 The rights and obligations hereunder shall be legally binding upon each Party’s assignees and successors
whether or not the transfer of such rights or obligations is caused by acquisition, reorganization, succession, transfer, assignment or any other reason. 

  

	10.4	 Newly Added Party B’s Subsidiaries. In case at any time after the entry into force of this Agreement, any
entity is added into and as Party B’s Subsidiaries, Party B shall procure such Newly Added Party B’s Subsidiary to sign the Rights and Obligations Assumption Letter with the format and content attached as Annex 4 hereto and any
other legal documents permitted or required under PRC laws to permit the Newly Added Party B’s Subsidiary added into this Agreement and to fully assume the rights and obligations that should be enjoyed and borne by Party B’s Subsidiaries.
As of the date of execution of such Rights and Obligations Assumption Letter and any other legal documents permitted or required under PRC laws, such Newly Added Party B’s Subsidiary shall be deemed to be a party to this Agreement. All the
other Parties hereby agree to fully accept the foregoing arrangement. 

  

	11.	 Severability 

In case any provision hereunder is deemed to be invalid or unenforceable due to inconsistency with any applicable laws, such provision shall be
invalid or unenforceable to the extent such law is applicable, and the validity, legality or enforceability of the other provisions hereunder shall not be affected. The Parties shall, through good faith negotiations, try to replace such invalid,
illegal or unenforceable provisions with an effective provision that is legally permitted and satisfies the Parties’ expectation to greatest extent, and the economic results caused by such effective provisions shall be similar to the economic
results caused by such invalid, illegal or unenforceable provision as far as possible. 
  

	12.	 Entire Agreement 

This Agreement and all agreements and/or documents expressly mentioned or incorporated herein shall constitute the entire agreement regarding
the subject matters herein, and shall supersede all oral agreements, contracts, understandings and communications previously entered into by and among the Parties regarding the subject matters herein, including but not limited to the Exclusive
Consultancy and Service Agreement entered into on May 29, 2013 by and between Shanghai Yiqi Zuoye Information Technology Co., Ltd. and Shanghai Hexu Information Technology Co., Ltd. which shall terminate on November 11, 2018. 

 

	13.	 Amendment or Modification 

Any amendment to or modification of this Agreement must be made in writing by the Parties, and will form part of this Agreement after being
officially signed by each Party hereto, and will then be of equal legal force of this Agreement. 
  

	14.	 Waiver 

Any Party may waive the terms or conditions of this Agreement provided that such waiver is made in writing and has been signed by the Parties.
The waiver by any Party regarding the other Parties’ default under certain circumstance shall not be deemed to be a waiver of similar defaults under other circumstances. 

 Exclusive Management Services and Business Cooperation Agreement 

 

	15.	 Counterparts 

This Agreement is made by the Parties in two (2) originals of equal legal force, one (1) for Party A and one (1) for Party B.
This Agreement may be signed through one or more counterparts. 
  

	16.	 Miscellaneous 

In case the U.S. Securities and Exchange Commission or other regulatory agencies propose any amendment comments toward this Agreement, or in
case there is any change to the listing rules or related requirements of the U.S. Securities and Exchange Commission related to this Agreement, the Parties shall amend this Agreement accordingly. 

[The following is the signature page(s)] 

 Exclusive Management Services and Business Cooperation Agreement 

 
 In witness thereof, the Parties cause this Agreement to be signed on the date first
written above. 
  

	
	Shanghai Yiqi Zuoye Information Technology Co., Ltd.
	  
 Authorized Representative: Chang Liu

	
	By: /s/ Chang
Liu                                         
       
	Seal: (Public Seal)
	/s/ Shanghai Yiqi Zuoye Information Technology Co., Ltd.
	
	Shanghai Hexu Information Technology Co., Ltd.
	
	Authorized Representative: Chang Liu
	
	By: /s/ Chang
Liu                                         
       
	Seal: (Public Seal)
	/s/ Shanghai Hexu Information Technology Co., Ltd.
	
	Beijing Yiqi Science Technology Co., Ltd.
	
	Authorized Representative: Dun Xiao
	
	By: /s/ Dun
Xiao                                         
           
	Seal: (Public Seal)
	
	Beijing Jin Wen Lang Science Technology Co., Ltd.
	
	Authorized Representative: Chang Liu
	
	By: /s/ Chang
Liu                                         
       
	Seal: (Public Seal)

 Exclusive Management Services and Business Cooperation Agreement 

 
 Annex 1 

Party B’s Subsidiaries 
  

	1.	 Beijing Yiqi Science Technology Co., Ltd.; and 

 

	2.	 Beijing Jin Wen Lang Science Technology Co., Ltd. 

 Exclusive Management Services and Business Cooperation Agreement 

 
 Annex 2 

Contents of the Services 
  

	1.	 Contents of the Services 

 

	1.1	 Provision of opinions and suggestions regarding assets and business operations. 

 

	1.2	 Provision of opinions and suggestions regarding disposal of debts and claims. 

 

	1.3	 Provision of opinions and suggestions regarding negotiations, execution and performance of material contracts.

  

	1.4	 Provision of opinions and suggestions regarding mergers and acquisitions. 

 

	1.5	 Provision of research and development services regarding education software and education courseware.

  

	1.6	 Provision of services of development and transfer, and consultancy, regarding the following services:

  

	 	(a)	 the technical development of new business; 

 

	 	(b)	 the technical support and maintenance of existing business; 

 

	 	(c)	 the periodical update of all business contents; and 

 

	 	(d)	 the provision and maintenance of the hardware conditions and network conditions necessitated by carrying out of
business. 

  

	1.7	 Provision of services regarding employee profession and pre-employment
training. 

  

	1.8	 Provision of services regarding public relations. 

 

	1.9	 Provision of services regarding market survey, research and consultancy. 

 

	1.10	 Provision of services regarding short and medium term market development and market planning.

  

	1.11	 Provision of human resources management and internal information management. 

 

	1.12	 Provision of network development, upgrade and routine maintenance. 

 

	1.13	 Licensed use of software, trademarks, domain names, know-how and other
varied intellectual property rights. 

  

	1.14	 Provision of other services decided by Party A non-periodically on the
basis of business needs and Party A’s capability. 

 Exclusive Management Services and Business Cooperation Agreement 

 
 Annex 3 

Calculation and Payment of the Service Costs 
  

	1.	 Calculation and Payment of the Service Costs 

 

	1.1	 The service costs under this Agreement shall be calculated as per the revenue of Party B and Party B’s
Subsidiaries and their corresponding operation costs, sales, management and other costs and expenses and disbursements, taxes and other fees withheld or deducted as provided by laws and regulations, and may be collected as per the following method:

  

	 	(a)	 To be collected as per a certain proportion of the revenue of Party B and/or Party B’s Subsidiaries;

  

	 	(b)	 To collect the fixed license fee regarding specific software; and/or 

 

	 	(c)	 Any other payment methods decided non-periodically by Party A on the
basis of the nature of the services provided. 

  

	1.2	 A written confirmation shall be issued by Party A to Party B and/or Party B’s Subsidiaries, and the
specific amounts of the service costs shall be determined by Party A by taking into account the following factors: 

  

	 	(a)	 how the technology is difficult or complicated that is used by Party A to provide services;

  

	 	(b)	 the working hours spent by Party A’s employees regarding such services; 

 

	 	(c)	 the contents and commercial value of the services provided by Party A; 

 

	 	(d)	 the benchmark prices of similar service on the market; and 

 

	 	(e)	 the operating conditions of Party B and Party B’s Subsidiaries. 

 

	2.	 Party A will calculate the service costs by fixed period and will issue corresponding invoices to Party B and
Party B’s Subsidiaries. Party B and Party B’s Subsidiaries shall pay the service costs into the banking account specified by Party A within ten (10) business days after receipt of such invoices, and shall send to Party A by facsimile
or email the photocopies of the payment vouchers. Party A shall issue the receipts within ten (10) business days after receipt of the service costs. 

 Exclusive Management Services and Business Cooperation Agreement 

 
 Annex 4 

Rights and Obligations Assumption Letter 

Our Entity, [    ], is a subsidiary incorporated by Shanghai Hexu Information Technology Co., Ltd. (hereinafter, the
“Shanghai Hexu”) through registration at [    ] on [            ,         ]; and Shanghai Hexu holds
[    ] of the equity/interests of our Entity. 
 Subject to the Exclusive Management Services and Business Cooperation
Agreement (hereinafter, the “Agreement”) entered into by and among Shanghai Hexu, Shanghai Yiqi Zuoye Information Technology Co., Ltd. and all other parties on
[            ,         ], our Entity acts as a Newly Added Party B’s Subsidiary under that Agreement and shall join that Agreement pursuant to
the provisions of Section 10.4. 
 Our Entity hereby agree to join that Agreement as a Newly Added Party B’s Subsidiary of
Shanghai Hexu, to have the rights under that Agreement and to perform all of our Entity’s obligations under that Agreement, effective as of the execution of this Assumption Letter. 

[                ] (Seal) 

Statutory Representative (Signature):
                                         
        

Date:

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