Document:

EX-4.9

 Exhibit 4.9 

English Translation 

Exclusive Call Option Agreement 
 This
Exclusive Call Option Agreement (this “Agreement”) is entered into as of                      in Shanghai, China by and among the
following parties: 
  

	1.	 Existing Shareholders:
                         

  

	2.	 Company:
                             

 

	3.	 WFOE:
                         

(In this Agreement, the above parties are hereinafter referred to individually as a “Party” and collectively as the
“Parties”.) 
 WHEREAS: 
  

	(1)	 The Existing Shareholders are all the recorded shareholders of the Company and legally hold all the equity
interests of the Company. Their respective capital contributions and shareholding percentages in the Company Registered Capital as of the execution date hereof are set out in Annex 1 attached hereto. 

 

	(2)	 To the extent permitted by PRC Law, the Existing Shareholders intend to transfer all their respective equity
interests held in the Company to WFOE, and WFOE intends to accept such transfer. 

  

	(3)	 To the extent permitted by PRC Law, the Company intends to transfer its assets to WFOE, and WFOE intends to
accept such transfer. 

  

	(4)	 For the purpose of the foregoing equity or asset transfer, the Existing Shareholders and the Company agree to
respectively grant to WFOE an exclusive and irrevocable Equity Transfer Option and Asset Purchase Option. Pursuant to such Equity Transfer Option and Asset Purchase Option, at WFOE’s request, the Existing Shareholders or the Company shall, to
the extent permitted by PRC Law, transfer the underlying Option Equity or Company Assets (as defined below) to WFOE and/or any other entity or individual designated by WFOE pursuant to the provisions of this Agreement. 

NOW, THEREFORE, the Parties, after friendly consultations, hereby agree below: 

Article 1 Definitions 
  

	1.1	 As used herein, the following terms shall be interpreted to have the following meanings, unless the context
otherwise requires: 

  

					
	“PRC Law”	 		  	Means the then-current laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s Republic of China.

			
	“Equity Transfer Option”	  	Means the option to purchase the equity of the Company granted to WFOE by the Existing Shareholders pursuant to the terms and conditions of this Agreement.
		
	“Asset Purchase Option”	  	Means the option to purchase any Company Assets granted to WFOE by the Company pursuant to the terms and conditions of this Agreement.
		
	“Option Equity”	  	Means, in respect of each Existing Shareholder, all the equity interests held by it in the Company Registered Capital (as defined below); in respect of all the Existing Shareholders, the equity interests covering 100% of the
Company Registered Capital.
		
	“Company Registered Capital”	  	Means the registered capital of the Company as of the date hereof, i.e. RMB             million (in figures:
RMB                    ), which shall include any expanded registered capital as a result of any capital increase within the term of this
Agreement.
		
	“Transferred Equity”	  	Means the equity interest of the Company which WFOE has the right to require the Existing Shareholders to transfer to it or its designated entity or individual when WFOE exercises its Equity Transfer Option in accordance with
Article 3 herein, the quantity of which may be all or part of the Option Equity and the details of which shall be determined by WFOE at its sole discretion in accordance with the then-current PRC Law and from its commercial consideration.
		
	“Transferred Assets”	  	Means the Company Assets which WFOE has the right to require the Company to transfer to it or its designated entity or individual when WFOE exercises its Asset Purchase Option in accordance with Article 3 herein, the quantity of
which may be all or part of the Company Assets and the details of which shall be determined by WFOE at its sole discretion in accordance with the then-current PRC Law and from its commercial consideration.
		
	“Exercise of Option”	  	Means the exercise by WFOE of its Equity Transfer Option or Asset Purchase Option.
		
	“Transfer Price”	  	Means all the consideration that WFOE or its designated entity or individual is required to pay to the Existing Shareholders or the Company in order to acquire the Transferred Equity or the Company Assets upon each Exercise of
Option.

  
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	“Business Permits”	  	Means any approvals, permits, filings, registrations, etc. which the Company is required to have for legally and validly operating all its businesses, including, but not limited to, Business License of Corporate Legal Person,
Value-added Telecommunications Business License and such other relevant permits and licenses as required by the then-current PRC Law.
		
	“Company Assets”	  	Means all the tangible and intangible assets which the Company owns or has the right to dispose of during the term of this Agreement, including but not limited to any immoveable and moveable assets as well as such intellectual
property rights as trademarks, copyrights, patents, know-how, domain names and software use rights.
		
	“Material Agreement”	  	Means an agreement to which the Company is a party and which has a material effect on the businesses or assets of the Company, including, but not limited to, the Exclusive Technical Service Agreement and other important
agreements regarding the business of the Company executed by the Company and WFOE as of the date hereof.
		
	“Exercise Notice”	  	Has the meaning ascribed to such term in Article 3.7 hereof.
		
	“Property Income”	  	Has the meaning ascribed to such term in Article 6.5 hereof.
		
	“Confidential Information”	  	Has the meaning ascribed to such term in Article 8.1 hereof.
		
	“Defaulting Party”	  	Has the meaning ascribed to such term in Article 11.1 hereof
		
	“Default”	  	Has the meaning ascribed to such term in Article 11.1 hereof.
		
	“Party’s Rights”	  	Has the meaning ascribed to such term in Article 12.5 hereof.

  

	1.2	 The application to any PRC Law herein shall be deemed to include: 

 

	 	(1)	 a reference to the PRC Law as modified, amended, supplemented or reenacted, effective either before or after
the date hereof; and 

  

	 	(2)	 a reference to any other decision, circular or rule made thereunder or effective as a result thereof.

  

	1.3	 Unless otherwise required by the context, a reference to a provision, clause, section or paragraph shall be a
reference to a provision, clause, section or paragraph of this Agreement. 

  
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 Article 2 Grant of Equity Transfer Option and Asset Purchase Option 

 

	2.1	 The Existing Shareholders hereby severally and jointly agree to grant WFOE an irrevocable, unconditional and
exclusive Equity Transfer Option. Pursuant to such Equity Transfer Option, WFOE is entitled to, to the extent permitted by PRC Law, require the Existing Shareholders to transfer the Option Equity to WFOE or its designated entity or individual
according to the terms and conditions hereunder and WFOE agrees to accept such Equity Transfer Option. 

  

	2.2	 The Company hereby agrees that the Existing Shareholders grant such Equity Transfer Option to WFOE according to
Article 2.1 above and the other provisions of this Agreement. 

  

	2.3	 The Company hereby agrees to grant WFOE an irrevocable, unconditional and exclusive Asset Purchase Option.
Pursuant to such Asset Purchase Option, WFOE is entitled to, to the extent permitted by PRC Law, require the Company to transfer all or part of the Company Assets to WFOE or its designated entity or individual according to the terms and conditions
hereunder and WFOE agrees to accept such Asset Purchase Option. 

  

	2.4	 The Existing Shareholders hereby severally and jointly agree that the Company grants such Asset Purchase Option
to WFOE according to Article 2.3 above and the other provisions of this Agreement. 

 Article 3 Method of Exercise of
Option 
  

	3.1	 Subject to the terms and conditions of this Agreement, WFOE shall have the sole discretion to determine the
specific time, method and times of its Exercise of Option to the extent permitted by PRC Law. 

  

	3.2	 Subject to the terms and conditions of this Agreement, WFOE shall have the right to, at any time, require the
Existing Shareholders to transfer all or part of the equity of the Company to WFOE or any other entity or individual designated by WFOE, to the extent permitted by the then-current PRC Law. 

 

	3.3	 Subject to the terms and conditions of this Agreement, WFOE shall have the right to, at any time, require the
Company to transfer all or part of the Company Assets to WFOE or any other entity or individual designated by WFOE to the extent permitted by the then-current PRC Law. 

 

	3.4	 With regard to the Equity Transfer Option, at each Exercise of Option, WFOE shall have the right to determine
the amount of the equity to be transferred by the Existing Shareholders to WFOE and/or any other entity or individual designated by it. The Existing Shareholders shall transfer the Transferred Equity to WFOE and/or any other entity or individual
designated by it in the amount required by WFOE. WFOE and/or any other entity or individual designated by it shall pay the Transfer Price with respect to the Transferred Equity at each Exercise of Option to the Existing Shareholder transferring such
Transferred Equity. 

  
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	3.5	 With regard to the Asset Purchase Option, at each Exercise of Option, WFOE shall have the right to determine
the specific Company Assets to be transferred by the Company to WFOE and/or any other entity or individual designated by it. The Company shall transfer the Transferred Assets to WFOE and/or any other entity or individual designated by it according
to WFOE’s requirement. WFOE and/or any other entity or individual designated by it shall pay the Transfer Price to the Company with respect to the Transferred Assets at each Exercise of Option. 

 

	3.6	 At each Exercise of Option, WFOE may accept the Transferred Equity or Transferred Assets by itself or designate
any third party to accept all or part of the Transferred Equity or Transferred Assets. 

  

	3.7	 On deciding each Exercise of Option, WFOE shall issue to the Existing Shareholders or the Company a notice for
exercising the Equity Transfer Option or a notice for exercising the Asset Purchase Option (hereinafter, the “Exercise Notice”), the form of which is set out as Annex 2 or Annex 3 hereto). The Existing Shareholders or the Company
shall, upon receipt of the Exercise Notice, forthwith transfer all the Transferred Equity or Company Assets in accordance with the Exercise Notice to WFOE and/or any other entity or individual designated by WFOE in such method as described in
Article 3.4 or Article 3.5 herein. 

 Article 4 Transfer Price 

 

	4.1	 With regard to the Equity Transfer Option, the Transfer Price to be paid by WFOE or any other entity or
individual designated by WFOE to each Existing Shareholder at each Exercise of Option shall be the corresponding capital contribution of the relevant Transferred Equity in the Company Registered Capital. But if the lowest price permitted by the
then-current PRC Law is higher than the above capital contribution, the lowest price permitted by PRC Law shall prevail. 

  

	4.2	 With regard to the Asset Purchase Option, WFOE or any other entity or individual designated by WFOE shall pay
the net book value of relevant assets to the Company at each Exercise of Option. But if the lowest price permitted by the then-current PRC Law is higher than the above net book value, the lowest price permitted by PRC Law shall prevail.

 Article 5 Representations and Warranties 

 

	5.1	 The Existing Shareholders hereby severally and not jointly represent and warrant that: 

 

	 	5.1.1	 The natural persons among the Existing Shareholders are Chinese citizens with full capacity. They have the full
and independent legal status and legal capacity to execute, deliver and perform this Agreement. They may sue or be sued as an independent party. 

  
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	 	5.1.2	 The legal persons among the Existing Shareholders are the limited liability companies duly organized and
validly existing under the PRC Law with an independent legal personality. They have the full and independent legal status and legal capacity to execute, deliver and perform this Agreement. They may sue or be sued as an independent party.

  

	 	5.1.3	 The Company is a limited liability company duly organized and validly existing under the PRC Law with an
independent legal personality. It has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party. 

 

	 	5.1.4	 Each of them has the full power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. 

 

	 	5.1.5	 This Agreement, when duly executed and delivered by the Existing Shareholders, shall constitute a legal, valid
and binding obligation enforceable against them in accordance with the terms of this Agreement. 

  

	 	5.1.6	 The Existing Shareholders are the recorded legal owners of the Option Equity as of the effective date of this
Agreement, and except for the right of pledge under the Equity Pledge Agreement signed by the Company, WFOE and the Existing Shareholders on
                     and the entrusted rights under the Shareholders’ Voting Rights Proxy Agreement signed by the Company, WFOE and the Existing
Shareholders on                     , the Option Equity is free and clear of any lien, pledge, claim and other security interest and third party
rights. Pursuant to this Agreement, WFOE and/or any other entity or individual designated by it may, after the Exercise of Option, acquire the good title to the Transferred Equity, free and clear of any lien, pledge, claim and other security
interest or third party rights. 

  

	 	5.1.7	 To the knowledge of the Existing Shareholders, the Company Assets are free and clear of any lien, pledge, claim
and other security interest and third party rights. Pursuant to this Agreement, WFOE and/or any other entity or individual designated by it may, after the Exercise of Option, acquire the good title to the Company Assets, free and clear of any lien,
pledge, claim and other security interest or third party rights. 

  

	5.2	 The Company hereby represents and warrants that: 

 

	 	5.2.1	 It is a limited liability company duly organized and validly existing under the PRC Law with an independent
legal personality. It has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party. 

  
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	 	5.2.2	 It has the full corporate power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. 

 

	 	5.2.3	 This Agreement, when duly executed and delivered by it, shall constitute a legal, valid and binding obligation
for it. 

  

	 	5.2.4	 The Company Assets are free and clear of any lien, pledge, claim and other security interest and third party
rights. Pursuant to this Agreement, WFOE and/or any other entity or individual designated by it may, after the Exercise of Option, acquire the good title to the Company Assets, free and clear of any lien, pledge, claim and other security interest or
third party rights. 

  

	5.3	 WFOE hereby represents and warrants that: 

 

	 	5.3.1	 It is a wholly foreign-owned enterprise duly organized and validly existing under the PRC Law with an
independent legal personality. It has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party. 

 

	 	5.3.2	 It has the full corporate power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereby and to be executed by it. It also has the full power and authority to consummate the transaction contemplated hereby. 

 

	 	5.3.3	 This Agreement, when duly executed and delivered by it, shall constitute a legal, valid and binding obligation
for it. 

 Article 6 Undertakings by the Existing Shareholders 

Each of the Existing Shareholders hereby undertakes that: 
  

	6.1	 Within the valid term of this Agreement, without WFOE’s prior written consent: 

 

	 	6.1.1	 it shall not transfer or otherwise dispose of any Option Equity or create any security interest or other third
party rights on any Option Equity; 

  

	 	6.1.2	 it shall not increase or decrease the Company Registered Capital or be merged with any other entity;

  

	 	6.1.3	 it shall not dispose of or cause the management of the Company to dispose of any material Company Assets (other
than in the ordinary course of business); 

  
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	 	6.1.4	 it shall not terminate or cause the management of the Company to terminate any Material Agreement entered into
by the Company, or enter into any other agreement in conflict with the existing Material Agreements; 

  

	 	6.1.5	 it shall not appoint or dismiss and replace any director or any supervisor of the Company or any other officer
of the Company that shall be appointed or dismissed by the Existing Shareholders; 

  

	 	6.1.6	 it shall not cause the Company to declare the distribution of or in practice distribute any distributable
profit or dividend; 

  

	 	6.1.7	 it shall ensure that the Company validly exists and is not terminated, liquidated or dissolved;

  

	 	6.1.8	 it shall not amend the articles of association of the Company; and 

 

	 	6.1.9	 it shall ensure that the Company will not lend or borrow any money, or provide any guaranty or engage in
security activities in any other form, or bear any substantial obligations other than in the ordinary course of business. 

  

	6.2	 Within the term of this Agreement, it shall do its best to develop the business of the Company and ensure that
the Company’s operations are legal and in compliance with the regulations and it shall not engage in any act or omission which may damage the Company’s assets or goodwill or affect the validity of the Business Permits of the Company.

  

	6.3	 Within the term of this Agreement, it shall timely notify WFOE of any circumstance that is expected to have a
material adverse effect on the existence, business operations, financial conditions, assets or goodwill of the Company and timely take all the measures approved by WFOE to remove such adverse circumstance or take effective remedial measures with
respect thereto. 

  

	6.4	 Once WFOE gives the Exercise Notice, 

 

	 	6.4.1	 it shall promptly, by way of shareholders’ decisions and all other necessary actions, approve the Existing
Shareholders or the Company to transfer all the Transferred Equity or the Transferred Assets at the Transfer Price to WFOE and/or any other entity or individual designated by WFOE; 

 

	 	6.4.2	 it shall promptly enter into an equity transfer agreement with WFOE and/or any other entity or individual
designated by WFOE to transfer all the Transferred Equity at the Transfer Price to WFOE and/or any other entity or individual designated by WFOE and provide necessary support to WFOE (including executing and delivering all relevant legal documents,
performing all government approval and registration procedures and undertaking all relevant obligations) in accordance with WFOE’s requirements, laws and regulations so that WFOE and/or any other entity or individual designated by WFOE acquires
all the Transferred Equity, free and clear of any legal defect or any security interest, third party limitation or other limitation on the equity. 

  
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	6.5	 If any Existing Shareholder receives the Transfer Price or receives any form of profit or dividend distribution
or liquidation property distribution from the Company (“Property Income”), with respect to the Transferred Equity held by it, then such Existing Shareholder agrees that, to the extent permitted by PRC Law, has the right to receive
such Property Income. Such Existing Shareholder shall instruct the relevant transferee or the Company to pay such Property Income to the bank account designated by WFOE until then. 

Article 7 Undertakings by the Company 
  

	7.1	 The Company hereby undertakes that: 

 

	 	7.1.1	 If any consent, permit, waiver or authorization by any third party, or any approval, permit or exemption by any
government authority, or any registration or filing formalities (if required by laws) with any government authority needs to be obtained or handled with respect to the execution and performance of this Agreement and the grant of the Equity Transfer
Option or Asset Purchase Option hereunder, the Company shall try its best to assist in satisfying the above conditions. 

  

	 	7.1.2	 Without WFOE’s prior written consent, the Company will not assist or permit the Existing Shareholders to
transfer or otherwise dispose of any Option Equity or create any security interest or other third party rights on any Option Equity. 

  

	 	7.1.3	 Without WFOE’s prior written consent, the Company will not transfer or otherwise dispose of any material
Company Assets (other than during the ordinary course of business) or create any security interest or other third party rights on any Company Assets. 

  

	 	7.1.4	 The Company shall not do or permit any act that may adversely affect the interests of WFOE under this
Agreement, including, but not limited to, any act that is subject to Article 6.1. 

  

	7.2	 Once WFOE gives the Exercise Notice, 

 

	 	7.2.1	 the Company shall promptly cause the Existing Shareholders to convene a shareholders’ meeting, pass
resolutions and take all other necessary actions to approve the Company to transfer all the Transferred Assets at the Transfer Price to WFOE and/or any other entity or individual designated by WFOE; 

 

	 	7.2.2	 the Company shall promptly enter into an asset transfer agreement with WFOE and/or any other entity or
individual designated by WFOE to transfer all the Transferred Assets at the Transfer Price to WFOE and/or any other entity or individual designated by WFOE and cause shareholders to provide necessary support to WFOE (including executing and
delivering all relevant legal documents, performing all government approval and registration procedures and undertaking all relevant obligations) in accordance with WFOE’s requirements, laws and regulations so that WFOE and/or any other entity
or individual designated by WFOE acquires all the Transferred Assets, free and clear of any legal defect or any security interest, third party limitation or other limitation on the Company Assets. 

  
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 Article 8 Confidentiality 

 

	8.1	 Regardless of whether this Agreement is terminated or not, each Party shall keep strictly confidential all the
business secrets, proprietary information, customer information and other information of a confidential nature about the other Parties known by it during the execution and performance of this Agreement (collectively, the “Confidential
Information”). The receiving Party shall not disclose any Confidential Information to any third party except with the prior written consent of the disclosing Party or in accordance with relevant laws or regulations or under requirements of
the place where its affiliate is listed on a stock exchange. The receiving Party shall not use or indirectly use any Confidential Information other than for performing this Agreement. 

 

	8.2	 The following information shall not be deemed part of the Confidential Information: 

 

	 	(a)	 any information already known by the receiving Party by legal means prior to disclosure, which is substantiated
in writing; 

  

	 	(b)	 any information being part of public knowledge through no fault of the receiving Party; or

  

	 	(c)	 any information rightfully received by the receiving Party from other sources after disclosure.

  

	8.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or engaged
professionals, but the receiving Party shall guarantee that they are in compliance with the relevant terms and conditions of this Agreement and assume any responsibility arising from any breach thereof by them. 

 

	8.4	 Notwithstanding any other provision herein, the validity of this Article shall survive the termination of this
Agreement. 

 Article 9 Term of Agreement 

This Agreement shall become effective upon due execution by the Parties and be terminated until all the Option Equity and the Company Assets are lawfully
transferred to WFOE or any other entity or individual designated by WFOE pursuant to the provisions of this Agreement. 

  
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 Article 10 Notices 

 

	10.1	 Any notice, request, demand and other communications required to be made or given under or pursuant to this
Agreement shall be in writing and delivered to the relevant Party. 

  

	10.2	 The above notices or other communications shall be deemed duly given or served: if sent by fax or telex,
immediately upon transmission; if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting. 

Article 11 Defaulting Liability 
  

	11.1	 The Parties agree and acknowledge that, if any of the Parties (the “Defaulting Party”) materially
breaches any provision herein or materially fails to perform or delays performance of any of the obligations hereunder, such breach, failure or delay shall constitute a default under this Agreement (a “Default”). In such event, any of the
other Parties without default (a “Non-defaulting Party”) shall have the right to require the Defaulting Party to rectify such Default or take remedial measures within a reasonable period. If the
Defaulting Party fails to rectify such Default or take remedial measures within such reasonable period or within ten (10) days of the Non-defaulting Party notifying the Defaulting Party in writing and
requiring the Default to be rectified, then: 

  

	 	11.1.1	 if any Existing Shareholder or the Company is the Defaulting Party, WFOE shall be entitled to terminate this
Agreement and require the Defaulting Party to indemnify all damages; 

  

	 	11.1.2	 if WFOE is the Defaulting Party, the Non-defaulting Party shall be
entitled to require the Defaulting Party to indemnify all damages. 

  

	11.2	 Except as otherwise provided for by law, in no event shall the Existing Shareholder and the Company have the
right to terminate or cancel this Agreement. 

  

	11.3	 Notwithstanding any other provision herein, the validity of this Article shall survive the termination of this
Agreement. 

 Article 12 Miscellaneous 
  

	12.1	 This Agreement is written in Chinese and executed in
                     (    ) originals, with one (1) original to be retained by each Party hereto. 

 

	12.2	 The formation, validity and interpretation of, resolution of disputes in connection with, this Agreement, shall
be governed by PRC Law. 

  
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	12.3	 Dispute Resolution 

  

	 	12.3.1	 Any dispute arising hereunder and in connection herewith shall be resolved through consultations among the
Parties, and if the Parties fail to reach a mutual agreement within thirty (30) days of its occurrence, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration in accordance with CIETAC’s arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be Shanghai and the language used in arbitration proceedings shall be Chinese. The arbitral award shall
be final and binding on the Parties. 

  

	 	12.3.2	 During dispute resolution, the Parties shall continue to perform the terms of this Agreement other than those
relating to disputes. 

  

	12.4	 Any right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of
any other right, power or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its rights, powers and remedies shall not preclude the exercise of any other rights, powers and
remedies it may have. 

  

	12.5	 No failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder
or at law (hereinafter, the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial exercise of the Party’s Rights shall preclude such Party from exercising such
rights in any other way and exercising the remaining part of the Party’s Rights. 

  

	12.6	 The headings contained herein shall be for reference only, and in no circumstances shall such headings be used
in or affect the interpretation of the provisions hereof. 

  

	12.7	 Each provision contained herein shall be severable and independent from each of other provisions, and if at any
time any one or more provisions herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall not be affected as a result thereof. 

 

	12.8	 This Agreement, when executed, shall supersede any prior other legal document among the Parties with respect to
the subject matter hereof. Any amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto, but other than WFOE’s transfer of its rights hereunder according to Article 12.9
hereof. 

  

	12.9	 Without WFOE’s prior written consent, any other Party shall not transfer any of its rights and/or
obligations hereunder to any third party. The other Parties hereby agree that without the prior written consent of the other Parties, WFOE is entitled to transfer any of its rights and/or obligations hereunder to any third party upon written notice
thereof to the other Parties. 

  
 12 

	12.10	 This Agreement shall be binding on the legal assignees, successors or heirs of the Parties. Each Existing
Shareholder warrants to WFOE that it has made (and will continue to make) all such arrangements and has signed all such documents as are necessary to ensure that upon its death, incapacity, bankruptcy, divorce or the occurrence of any other
circumstance that prevents it from exercising the equity, the persons that may acquire the equity of the Company or related rights as a result thereof, including its successor, heir, guardian, creditor or spouse, will not affect or impede the
performance of this Agreement. 

 [Remainder of this page intentionally left blank] 

  
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 [SIGNATURE PAGE] 

IN WITNESS WHEREOF, the Parties hereto have executed this Exclusive Call Option Agreement on the date and in the place first above written. 

 

	
	Existing Shareholders
	
	  

	
	Company
	
	  

	
	WFOE
	
	  

  
 14 

 Annex 1: 

Company’s General Information 

Company name:
                                         
                
 Registered capital: RMB
         mn 
 Legal representative:
                     
 Shareholding structure:

  

													
	 Shareholder’s name
	  	Contribution in registered
capital (RMB yuan)	 	  	Percentage of
contribution	 	  	Method of
contribution	 
		  	 	            	 	  	 	            	 	  	 	            	 
		  				  				  			
		  				  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  				  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
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 Annex 2: 

Form of Exercise Notice 
 To: [Name
of the Existing Shareholder] 
 WHEREAS, our company entered into an Exclusive Call Option Agreement (“Option Agreement”) with you/your
company and                      (the “Company”) on             ,
20    , which stipulates that you/your company shall transfer the equity held by you/your company in the Company to our company or any third party designated by our company at our company’s request to the extent permitted by
PRC Law and regulations. 
 Therefore, our company hereby gives this Notice to you/your company as follows: 

Our company hereby requires to exercise the Equity Transfer Option under the Option Agreement and our company/[●] [name of company/individual]
designated by our company shall accept the [●] equity held by you/your company in the Company (“Proposed Accepted Equity”). You/your company are/is required to forthwith transfer all the Proposed Accepted Equity to our
company/[name of designated company/individual] pursuant to the provisions of the Option Agreement upon receipt of this Notice. 
 Best regards, 

 

	
	  
 (Seal)

 

	 Authorized representative:
  

	Date:

  
 16 

 Annex 3: 

Form of Exercise Notice 
 To:
             
 WHEREAS our company, entered into an Exclusive Call Option Agreement
(“Option Agreement”) with your company,                      on
            , 20    , which stipulates that you company shall transfer your company’s assets to our company or any third party designated by our company at our
company’s request to the extent permitted by PRC Law and regulations. 
 Therefore, our company hereby gives this Notice to you company as follows:

 Our company hereby requires to exercise the Asset Purchase Option under the Option Agreement and our company/[●] [name of company/individual]
designated by our company shall accept the assets stated in a separate list and owned by your company (hereinafter, the “Proposed Accepted Assets”). You company is required to forthwith transfer all the Proposed Accepted Assets to our
company/[name of designated company/individual] pursuant to the provisions of the Option Agreement upon receipt of this Notice. 
 Best regards, 

 

	
	  
 (Seal)

 

	 Authorized representative:
  

	Date:

  
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 Schedule A 

The following schedule sets forth all major similar agreements the registrant entered into with each of its variable interest entities. Other
than the information set forth below, there is no material difference between such agreements and this exhibit. 
  

					
	 VIE
	  	 Executing Parties
	  	 Execution Date

	Shanghai Liulishuo Information and Technology Co., Ltd.	  	 Existing Shareholders: Dr. Yi Wang, Mr. Zheren Hu, Dr. Hui Lin, Zhuhai Xinran Consulting and Management Co., Ltd.,
Ningbo Meishan Bonded Port Zhimei Fifth Equity Investment Partnership (Limited Partnership), Jiwei Enterprise Management and Consulting (Shanghai) Co., Ltd., Mr. Gu Jiong, Dazi Tongxin Kaiyuan Investment Management Co., Ltd., and Beijing Wu
Capital Investment Management;
  
 Company: Shanghai Liulishuo Information and
Technology Co., Ltd.;
  
 WFOE: Yuguan Information Technology (Shanghai) Co.,
Ltd.
	  	May 29, 2018
			
	Shanghai Mengfan Cultural Communication Co., Ltd.	  	 Existing Shareholders: Dr. Yi Wang, Mr. Zheren Hu, Dr. Hui Lin, Zhuhai Xinran Consulting and Management Co., Ltd.,
Ningbo Meishan Bonded Port Zhimei Fifth Equity Investment Partnership (Limited Partnership), Jiwei Enterprise Management and Consulting (Shanghai) Co., Ltd., Mr. Gu Jiong, Dazi Tongxin Kaiyuan Investment Management Co., Ltd., and Beijing Wu
Capital Investment Management;
  
 Company: Shanghai Mengfan Cultural
Communication Co., Ltd.;
  
 WFOE: Yuguan Information Technology (Shanghai) Co.,
Ltd.
	  	May 29, 2018

  
 18 

					
	 Shanghai Mengfan Education Technology Co., Ltd.
	  	 Existing Shareholders: Dr. Yi Wang, Mr. Zheren Hu and Dr. Hui Lin;

 
 Company: Shanghai Mengfan Education Technology Co., Ltd.;

 
 WFOE: Yuguan Information Technology (Shanghai) Co., Ltd.
	  	 April 22, 2019

  
 19EX-4.11

 Exhibit 4.11 

Loan Agreement 
 THIS LOAN
AGREEMENT (this “Agreement”) is entered into as of April 22, 2019 by and among the following Parties: 
  

	1.	 Yi Wang, a citizen of the People’s Republic of China, ID card number:
            ; 

  

	2.	 Zheren Hu, a citizen of the People’s Republic of China, ID card number:
            ; 

  

	3.	 Hui Lin, a citizen of the People’s Republic of China, ID card number:
            ; 

 (Yi Wang, Zheren Hu and Hui Lin are
hereinafter referred to individually as a “Borrower” and collectively as the “Borrowers”.) 
  

	4.	 Yuguan Information Technology (Shanghai) Co., Ltd., a limited liability company incorporated under the
PRC laws with an unified social credit code of             (the “Lender”) 

(In this Agreement, the above parties are hereinafter referred to individually as a “Party” and collectively as the
“Parties”.) 
 WHEREAS: 
  

	1.	 Wang Yi, Hu Zheren and Lin Hui will obtain the Loan of RMB1.0 million in total from the Lender pursuant to
the terms and conditions of this Agreement in order to contribute to Shanghai Mengfan Education and Training Co., Ltd. (hereinafter, the “Domestic Company”), a limited liability company mainly engaged in education and training
(foreign language training) business in Shanghai, PRC, as its registered capital; 

  

	2.	 In order to define the respective rights and obligations of the Borrowers and the Lender in relation to the
loan arrangement, the Parties hereby agree below: 

 Article 1 Definitions 

 

	1.1	 In this Agreement: 

“Effective Date” means the commencement date of the Loan Term hereunder, i.e. January 3, 2019. 

“Loan” means the loan of an aggregate principal of RMB1.0 million provided by the Lender to the Borrowers in lump sum or
batches under Article 2.1 hereof, of which RMB600,000 will be provided to Yi Wang, RMB250,000 will be provided to Zheren Hu and RMB150,000 will be provided to Hui Lin is. 

“Loan Term” has the meaning ascribed to such term in Article 4.1 hereof. 

 “Sums” shall mean the outstanding sums for the Borrowers under the Loan
hereunder. 
 “Repayment Notice” has the meaning ascribed to such term in Article 4.2 hereof. 

“PRC” means the People’s Republic of China, for the purpose of this Agreement, excluding Hong Kong, Macao and Taiwan.

  

	1.2	 In this Agreement, any reference to one of the following terms shall have the meaning below:

 Any reference to an Article is to an article of this Agreement, unless otherwise provided. 

Any reference to Taxes and Fees shall include any tax, costs, duties or other similar expenses (including, but not limited to,
any penalty or interest arising in connection with the failure or delay in paying such Taxes and Fees). 
 Any reference to each of the
Borrowers and the Lender shall include their respective successors and assignees. 
  

	1.3	 Except as otherwise stated herein, any reference to this Agreement or any other agreement or document, as the
case may be, shall include any amendment, modification, replacement or supplement hereto or thereto that has already been made or to be made from time to time, as applicable. 

Article 2 Loan 
  

	2.1	 Subject to the terms and conditions of this Agreement, the Lender agrees to provide the Borrowers with a loan
of an aggregate principal amount of RMB1.0 million, of which: 

 RMB600,000 will be provided by the Lender to Yi Wang;

 RMB250,000 will be provided by the Lender to Zheren Hu; 

RMB150,000 will be provided by the Lender to Hui Lin. 

The Borrowers shall only use the Loan provided hereunder to invest in the Domestic Company. The registered capital of the Domestic Company is
RMB1.0 million, including RMB600,000 to be contributed by Yi Wang, RMB250,000 to be contributed by Zheren Hu, and RMB150,000) to be contributed by Hui Lin. Without the Lender’s prior written consent, the Borrowers shall not use any Loan
for any purpose other than as set forth herein. 
  

	2.2	 Each Borrower hereby acknowledges that the Loan hereunder may be provided by the Lender and/or a third party
designated by the Lender. The Borrowers confirm that the Lender or a third party designated by the Lender has provided the Borrowers with the full amount of the Loan. 

	2.3	 The Parties acknowledge that the Borrowers will perform the obligation of repayment and other obligations
herein to the Lender. 

 Article 3 Interest 

 

	3.1	 The Lender confirms that there will not be interest accrued on the Loan, as long as the Borrowers do not breach
this Agreement. 

 Article 4 Repayment 
  

	4.1	 The term of the Loan hereunder shall expire at the earlier of (i)the thirtieth anniversary of the Effective
Date or (ii) the expiration of the operating term of the Domestic Company (“Loan Term”). Unless an extension is agreed upon by the Parties, the Borrowers shall repay all the Sums on the expiration date of the Loan Term, in
which case, subject to the applicable laws and regulations, the Lender shall have the right to purchase or designate a third party to purchase all the equity interests then held by the Borrowers in the Domestic Company for consideration of the same
amount as the Sums. 

  

	4.2	 At any time within the Loan Term, the Lender may at its absolute discretion declare the Loan immediately due
and payable by delivering a repayment notice (“Repayment Notice”) to the Borrowers thirty (30) days in advance, requesting either one or all parties to repay all or part of the Sums in the manner as specified herein.

 If the Lender requests any of the Borrowers to repay the Loan pursuant to the foregoing paragraph, subject to the
applicable laws and regulations, the Lender shall purchase or designate a third party to purchase part of the equity interests held by such Borrower in the Domestic Company for consideration of the same amount as requested Sum for repayment. The
equity interest of the Domestic Company to be purchased as of the completion date of the acquisition shall be proportionate to such requested Sums for repayment of the total Loan provided to such Borrower hereunder. 

For the avoidance of doubt, the third party mentioned in Articles 4.1 and 4.2 hereof refers to (a) the direct or indirect shareholder of
the Lender and such shareholder’s direct or indirect subsidiary; or (b) the directors of the Lender, the direct or indirect shareholder of the Lender and its direct or indirect subsidiary, who are Chinese citizens; or (c) any other
Chinese citizen determined by the appropriate resolution of the board of directors of the Lender. 
  

	4.3	 The Parties agree and acknowledge that each Borrower shall repay the Sums by cash or other forms determined by
the appropriate resolution of the board of directors of the Lender. 

	4.4	 When each of the Borrowers makes the repayment pursuant to the foregoing provisions of Article 4, the Parties
shall complete the specified equity transfer and guarantee that at the time of repayment, the Lender or a third party designated by the Lender has legitimate and complete legal title to the equity interests in the Domestic Company in accordance with
the foregoing provisions and such equity interests are free and clear of any pledge or any other form of encumbrance. Upon the transfer of the equity interests in the Domestic Company pursuant to the foregoing provisions, the Borrowers shall provide
all reasonable assistances and waive any preemptive right. 

  

	4.5	 The Borrowers shall cease to bear the obligation of repayment hereunder, provided they have transferred to the
Lender or a third party designated by the Lender all of the equity interests in the Domestic Company held by them respectively pursuant to the foregoing provisions of Article 4 and all the Sums are cleared off. 

Article 5 Taxes and Fees 
  

	5.1	 All the taxes and fees incurred in connection with the Loan shall be borne by the Lender.

 Article 6 Confidentiality 
  

	6.1	 Regardless of whether this Agreement is terminated or not, each Borrower shall keep confidential all the
business secrets, proprietary information, customer information and other information of a confidential nature about the Lender known or received by it during the execution and performance of this Agreement (collectively, the “Confidential
Information”). Each Borrower shall use such Confidential Information solely for the purpose of performing its obligations hereunder. Without the Lender’s written consent, none of the Borrowers shall disclose any Confidential
Information to any third party, otherwise such Borrower shall be liable for the defaulting liability and compensate the losses suffered by the Lender as a result thereof. 

 

	6.2	 The following information shall not be deemed as Confidential Information: 

 

	 	(a)	 any information already known by the receiving Party by legal means prior to the receipt of Confidential
Information, as evidence by written record; 

  

	 	(b)	 any information in the public domain not attributable to the fault or negligence of the receiving Party; or

  

	 	(c)	 any information rightfully received by the receiving Party by other means after the receipt of the Confidential
Information. 

  

	6.3	 Upon termination hereof, at the Lender’s request, the Borrowers shall return to the Lender, destroy or
otherwise dispose of all the documents, materials or software containing the Confidential Information and cease to use such Confidential Information. 

	6.4	 Notwithstanding any other provision herein, the validity of this Article 6 shall survive the suspension or
termination of this Agreement. 

 Article 7 Undertakings and Warranties 

 

	7.1	 Each of the Borrowers hereby irrevocably undertake and warrant that without the Lender’s prior written
consent, it will not in any way make or authorize others (including, but not limited to, the director of the Domestic Company nominated by it) to make any resolution, instruction, consent or order or cause the Domestic Company to engage in any
transaction that will or may materially affect the assets, rights, obligations or businesses of the Domestic Company (including its affiliates and/or subsidiaries) (hereinafter, the “Prohibited Transaction”), including, but not
limited to: 

  

	 	(1)	 borrow any loan from a third party or assume any liabilities (other than a single loan in an amount of less
than RMB100,000 in the ordinary course of business or a series of loans in an aggregate amount of less than RMB100,000 in any six consecutive months); 

  

	 	(2)	 provide any guarantee to a third party for the his or her own liabilities or provide any guarantee for a third
party; 

  

	 	(3)	 transfer any business, material assets or actual or potential business opportunity to a third party;

  

	 	(4)	 transfer or license to a third party any domain name, trademark or other intellectual property right lawfully
owned by the Domestic Company; 

  

	 	(5)	 transfer to a third party all or part of his or her equity interests held in the Domestic Company;

  

	 	(6)	 any other material transaction; 

Or the entry of any agreement, contract, memorandum or other transaction document with respect to any Prohibited Transaction (hereinafter, the
“Prohibited Document”), nor will in any way allow any Prohibited Transaction to be engaged or any Prohibited Document to be executed. 
  

	7.2	 Each of the Borrowers will cause the directors and management personnel of the Domestic Company to fully comply
with the provisions of this Agreement and not to, in any way, to do any act or omission breaching any of the foregoing undertakings when they perform their duties as the directors or management personnel of the Domestic Company.

 Article 8 Notices 

 

	8.1	 Any notice, request, demand and other communications required to be made or given under or pursuant to this
Agreement shall be made and delivered to the relevant Party in writing. 

  

	8.2	 The above notices or other communications shall be deemed duly served: if sent by fax or telex, immediately
upon transmission; if delivered in person, at the time of delivery; if posted by mail, five (5) days after posting. 

Article 9 Defaulting Liability 
  

	9.1	 Each of the Borrowers undertakes to indemnify and hold harmless the Lender from and against any action,
charges, claim, costs, damages, demand, expenses, liabilities, losses and proceedings suffered or incurred by the Lender as a result of its breach of any obligation hereunder. 

 

	9.2	 Notwithstanding any other provision herein, the validity of this Article shall survive the suspension or
termination of this Agreement. 

 Article 10 Miscellaneous 

 

	10.1	 This Agreement is written in Chinese and executed in four (4) originals, with one (1) original to be
retained by each Party hereto. 

  

	10.2	 This Agreement shall be formed upon due execution by the Parties and its validity shall be retroactive to the
Effective Date. The formation, effectiveness and interpretation of, and resolution of disputes, in connection with this Agreement shall be governed by PRC laws. 

 

	10.3	 Dispute Resolution 

  

	 	10.3.1	 Any dispute arising out of or from and in connection with this Agreement shall be settled through consultations
between the Parties, and if the Parties cannot reach the consensus within thirty (30) days of its occurrence, any Party may submit such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration. The arbitration shall be conducted in Shanghai and in accordance with CIETAC’s arbitration rules then in effect. The language to be used in arbitration proceedings shall be Chinese and the arbitration award shall be final and
binding on the Parties. 

	 	10.3.2	 During the period of dispute resolution, the Parties shall continue to perform all other terms of this
Agreement except for the matters in dispute. 

  

	10.4	 Any right, power or remedy conferred on any Party by any provision of this Agreement shall not be exclusive of
any other right, power or remedy available to it at law and under the other provisions of this Agreement, and the exercise by such Party of any of its rights, powers and remedies shall not preclude the exercise of any other rights, powers and
remedies it may have. 

  

	10.5	 No failure or delay by a Party in exercising any of its rights, powers and remedies available to it hereunder
or at law (hereinafter, the “Party’s Rights”) shall operate as a waiver thereof, nor shall the waiver of any single or partial exercise of the Party’s Rights shall preclude such Party from exercising such rights in any
other way and exercising the remaining part of the Party’s Rights. 

  

	10.6	 The headings contained herein shall be for reference only, and in no circumstances shall such headings be used
in or affect the interpretation of the provisions hereof. 

  

	10.7	 Each provision contained herein shall be severable and independent from each of other provisions, and if at any
time any one or more provisions herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall not be affected as a result thereof. 

 

	10.8	 This Agreement, once executed, shall supersede any prior other legal documents signed by and among the Parties
with respect to the same subject matter. Any amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto, unless the Lender assigns its rights hereunder pursuant to Article 10.9.

  

	10.9	 Without the Lender’s prior written consent, each Borrower shall not transfer any of its rights and/or
obligations hereunder to any third party. The Lender is entitled to transfer any of its rights hereunder to any third party designated by it upon notice thereof to the other Parties. 

 

	10.10	 This Agreement shall be binding on the legal assignees, inheritors or successors of the Parties. Each Borrower
guarantees to the Lender that it has made and will continue to make all proper arrangements and sign all necessary documents to ensure that in the event of its death, incapacity, bankruptcy, divorce or other circumstances that may affect its
exercise of equity, its successor, heir, guardian, creditor, spouse and other persons who may acquire equity or related rights of Domestic Company as a result thereof shall not affect or hinder the performance of this Agreement.

 [Remainder of this page intentionally left blank] 

 [SIGNATURE PAGE] 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date and in the place first above written. 

 

			
	Yi Wang
		
	By:	 	 /s/ Yi Wang

	
	Zheren Hu
		
	By:	 	 /s/ Zheren Hu

	
	Hui Lin
		
	By:	 	 /s/ Hui Lin

 [SIGNATURE PAGE] 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date and in the place first above written. 

 

			
	Yuguan Information Technology (Shanghai) Co., Ltd.
	(Seal)	 	

			
		
	By:	 	/s/ Authorized Signatory
	Name:	 	Authorized Signatory
	Title:	 	Authorized Signatory

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