Document:

EX-4.69

 Exhibit 4.69 

Execution Version 

TRANSACTION FRAMEWORK AGREEMENT 

dated as of 
 May 7, 2013 

by and among 
 PPSTREAM INC.

 Chuan Ju Hu Dong (Beijing) Technology Co., Ltd.

 
 and 

Qiyi.com, Inc. 
 Beijing
Qiyi Century Science & Technology Co., Ltd.

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Definitions
	  	 	2	  
	 Section 1.02.
	 	 Other Definitional and Interpretative Provisions
	  	 	8	  
	
	ARTICLE 2	  
	TRANSACTION FRAMEWORK	  
			
	 Section 2.01.
	 	 Purchase and Sale
	  	 	8	  
	 Section 2.02.
	 	 Excluded Assets
	  	 	8	  
	 Section 2.03.
	 	 Assumed Liabilities
	  	 	9	  
	 Section 2.04.
	 	 Excluded Liabilities
	  	 	9	  
	 Section 2.05.
	 	 Assignment of Contracts and Rights
	  	 	10	  
	 Section 2.06.
	 	 Purchase Price
	  	 	10	  
	 Section 2.07.
	 	 Net Cash Balance Statement
	  	 	11	  
	 Section 2.08.
	 	 Closing
	  	 	11	  
	 Section 2.09.
	 	 Adjustment of Purchase Price; Balance Sheet
	  	 	12	  
	
	ARTICLE 3	  
	REPRESENTATIONS AND WARRANTIES OF SELLER	  
			
	 Section 3.01.
	 	 Corporate Existence and Power
	  	 	12	  
	 Section 3.02.
	 	 Authorization
	  	 	13	  
	 Section 3.03.
	 	 Governmental Authorization
	  	 	13	  
	 Section 3.04.
	 	 Noncontravention
	  	 	13	  
	 Section 3.05.
	 	 No Required Consents
	  	 	13	  
	 Section 3.06.
	 	 Financial Statements
	  	 	13	  
	 Section 3.07.
	 	 Absence of Certain Changes
	  	 	14	  
	 Section 3.08.
	 	 No Undisclosed Material Liabilities
	  	 	14	  
	 Section 3.09.
	 	 Material Contracts
	  	 	14	  
	 Section 3.10.
	 	 Litigation
	  	 	15	  
	 Section 3.11.
	 	 Compliance with Laws and Court Orders
	  	 	16	  
	 Section 3.12.
	 	 Properties
	  	 	16	  
	 Section 3.13.
	 	 Sufficiency of and Title to the Group Company Assets
	  	 	16	  
	 Section 3.14.
	 	 Related Party Transactions
	  	 	17	  
	 Section 3.15.
	 	 Products
	  	 	17	  
	 Section 3.16.
	 	 Intellectual Property
	  	 	17	  
	 Section 3.17.
	 	 Insurance Coverage
	  	 	20	  
	 Section 3.18.
	 	 Licenses and Permits
	  	 	20	  
	 Section 3.19.
	 	 Tax Matters
	  	 	20	  

  
 i 

							
	 Section 3.20.
	 	 Insolvency; Winding Up
	  	 	21	  
	 Section 3.21.
	 	 Selling Documents
	  	 	21	  
	 Section 3.22.
	 	 Finders’ Fees
	  	 	21	  
	 Section 3.23.
	 	 Employees
	  	 	21	  
	 Section 3.24.
	 	 Representations
	  	 	21	  
	
	ARTICLE 4	  
	REPRESENTATIONS AND WARRANTIES OF BUYER	  
			
	 Section 4.01.
	 	 Corporate Existence and Power
	  	 	22	  
	 Section 4.02.
	 	 Corporate Authorization
	  	 	22	  
	 Section 4.03.
	 	 Governmental Authorization
	  	 	22	  
	 Section 4.04.
	 	 Noncontravention
	  	 	22	  
	 Section 4.05.
	 	 Financing
	  	 	22	  
	 Section 4.06.
	 	 Finders’ Fees
	  	 	22	  
	
	ARTICLE 5	  
	COVENANTS OF SELLER	  
			
	 Section 5.01.
	 	 Conduct of the Business
	  	 	23	  
	 Section 5.02.
	 	 Tax Matters
	  	 	24	  
	 Section 5.03.
	 	 Access to Information; Confidentiality
	  	 	24	  
	 Section 5.04.
	 	 Notices of Certain Events
	  	 	25	  
	 Section 5.05.
	 	 Noncompetition
	  	 	26	  
	 Section 5.06.
	 	 Exclusivity
	  	 	26	  
	 Section 5.07.
	 	 Onshore Transactions
	  	 	27	  
	
	ARTICLE 6	  
	COVENANTS OF BUYER	  
			
	 Section 6.01.
	 	 Confidentiality
	  	 	27	  
	 Section 6.02.
	 	 Post-Closing Covenants
	  	 	27	  
	
	ARTICLE 7	  
	COVENANTS OF BUYER AND SELLER	  
			
	 Section 7.01.
	 	 Best Efforts; Further Assurances
	  	 	27	  
	 Section 7.02.
	 	 Certain Filings
	  	 	28	  
	 Section 7.03.
	 	 Public Announcements
	  	 	28	  
	
	ARTICLE 8	  
	[RESERVED]	  

  
 ii 

							
	
	ARTICLE 9	  
	CONDITIONS TO CLOSING	  
			
	 Section 9.01.
	 	 Conditions to Obligations of Buyer and Seller
	  	 	28	  
	 Section 9.02.
	 	 Conditions to Obligation of Buyer
	  	 	29	  
	 Section 9.03.
	 	 Conditions to Obligation of Seller
	  	 	30	  
	
	ARTICLE 10	  
	SURVIVAL; INDEMNIFICATION	  
			
	 Section 10.01.
	 	 Survival
	  	 	31	  
	 Section 10.02.
	 	 Indemnification
	  	 	31	  
	 Section 10.03.
	 	 Third Party Claim Procedures
	  	 	32	  
	 Section 10.04.
	 	 Direct Claim Procedures
	  	 	34	  
	 Section 10.05.
	 	 Calculation of Damages
	  	 	34	  
	 Section 10.06.
	 	 Indemnification Payment
	  	 	34	  
	 Section 10.07.
	 	 No Rescission
	  	 	34	  
	
	ARTICLE 11	  
	TERMINATION	  
			
	 Section 11.01.
	 	 Grounds for Termination
	  	 	35	  
	 Section 11.02.
	 	 Effect of Termination
	  	 	35	  
	
	ARTICLE 12	  
	MISCELLANEOUS	  
			
	 Section 12.01.
	 	 Notices
	  	 	35	  
	 Section 12.02.
	 	 Amendments and Waivers
	  	 	36	  
	 Section 12.03.
	 	 Disclosure Schedule References
	  	 	37	  
	 Section 12.04.
	 	 Expenses
	  	 	37	  
	 Section 12.05.
	 	 Successors and Assigns
	  	 	37	  
	 Section 12.06.
	 	 Governing Law
	  	 	37	  
	 Section 12.07.
	 	 Arbitration
	  	 	37	  
	 Section 12.08.
	 	 WAIVER OF JURY TRIAL
	  	 	38	  
	 Section 12.09.
	 	 Counterparts; Effectiveness; Third Party Beneficiaries
	  	 	38	  
	 Section 12.10.
	 	 Entire Agreement
	  	 	38	  
	 Section 12.11.
	 	 Severability
	  	 	39	  
	 Section 12.12.
	 	 Specific Performance
	  	 	39	  

 Schedules and Exhibits List 
  

	•	 	Disclosure Schedule 

  

	•	 	Exhibit A: List Of Employees Holding Positions At VP Level Or Above 

  

	•	 	Exhibit B-1: Existing Control Documents 

  

	•	 	Exhibit B-2: VIE Termination Agreement 

  

	•	 	Exhibit B-3: New Control Documents 

  

	•	 	Exhibit C: Offshore Asset Transfer Agreement 

  
 iii 

	•	 	Exhibit D: Onshore Asset Transfer Agreement 

  

	•	 	Exhibit E: Offshore Intellectual Property And Offshore Software 

  

	•	 	Exhibit F: [Reserved] 

  

	•	 	Exhibit G: List Of Individuals To Enter Into Employment Agreements 

  

	•	 	Exhibit H: Deferred Management Payment Agreement 

  

	•	 	Exhibit I: Allocation Of The Purchase Price 

  

	•	 	Exhibit J: Onshore Intellectual Property And Onshore Software 

  
 iv 

 TRANSACTION FRAMEWORK AGREEMENT 

This Transaction Framework Agreement (this “Agreement”) is dated as of May 7, 2013, by and among Qiyi.com, Inc., a
company incorporated under the laws of the Cayman Islands (“Buyer”), Beijing Qiyi Century Science & Technology Co., Ltd.

, a limited liability company organized under the laws of the PRC (“Buyer WFOE”, together with Buyer, “Buyer Group”)), PPSTREAM INC., an exempted limited liability company organized
under the laws of the Cayman Islands (“Seller” or the “Company”), Chuan Ju Hu Dong (Beijing) Technology Co., Ltd.

, a limited liability company organized under the laws of the PRC (“Beijing WFOE”). 
 W I T
N E S S E T H : 
 WHEREAS, as of the date hereof, Seller (through Beijing WFOE and Zhong Yuan, each as hereinafter defined) conducts a
business which provides content over the Internet through Seller’s peer-based cloud streaming network and software (the “Business”); 

WHEREAS, Buyer desires to purchase, or cause to be purchased by its Affiliates (as hereinafter defined), the Business from Seller or its
Affiliates, and Seller desires to sell, or caused to be sold by its Affiliates, the Business to Buyer or its Affiliates; 
 WHEREAS, Buyer
and Seller are entering into the Offshore Asset Transfer Agreement (as hereinafter defined) on the date hereof, pursuant to which Buyer will purchase from Seller, and Seller will sell to Buyer, the Offshore Assets (as hereinafter defined); 

WHEREAS, Buyer WFOE (as hereinafter defined) and Beijing WFOE are entering into the Onshore Asset Transfer Agreement (as hereinafter defined)
on the date hereof, pursuant to Buyer WFOE will purchase from Beijing WFOE, and Beijing WFOE will sell to Buyer WFOE, the Onshore Purchased Assets (as hereinafter defined); 

WHEREAS, pursuant to this Agreement, as a condition to the Closing (as hereinafter defined), the Existing Control Documents (as hereinafter
defined) shall be terminated by the VIE Termination Agreement (as hereinafter defined) and the New Control Documents (as hereinafter defined) shall be entered into by and between Buyer WFOE and Zhong Yuan; 

WHEREAS, the parties desire to enter into this Agreement to set out their agreements with respect to the transactions contemplated by the
Transaction Documents (as hereinafter defined) and matters related thereto; 
 NOW THEREFORE, for good and valuable consideration, the
receipt and sufficiency are hereby acknowledged, the parties hereto agree as follows: 

  
 1 

 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under common control with such other Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings. 

“Applicable Law” means, with respect to any Person, any transnational, domestic or foreign federal, state or local law
(statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that
is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 
 “Balance
Sheet” means the unaudited balance sheet of Zhong Yuan as of April 30, 2013, prepared in accordance with U.S. GAAP applied on a consistent basis. 

“Balance Sheet Date” means April 30, 2013. 

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in Hong Kong and the
PRC are authorized or required by Applicable Law to close. 
 “Closing Date” means the date of the Closing. 

“Consolidated Financial Statements” means the audited consolidated balance sheet and statements of income and cash
flow of the Company and its Subsidiaries as of December 31, 2011, prepared in accordance with U.S. GAAP applied on a consistent basis. 

“Deferred Management Payment” means such amount of the Purchase Price payable to the Management Equity Holders (as
defined in the Deferred Management Payment Agreement) pursuant to the Deferred Management Payment Agreement.  

“Deferred Management Payment Agreement” means the agreement to be entered into by and among Buyer, Seller and certain
management members of Seller on or prior to the Closing, reflecting the arrangement with respect to Deferred Management Payment, the form of which is attached as Exhibit H. 

“Escrow Account” means the escrow account maintained by the Escrow Agent pursuant to the Escrow Agreement. 

  
 2 

 “Escrow Agent” means Citibank, N.A. Hong Kong Branch. 

“Escrow Agreement” means the escrow agreement to be entered into by and among Buyer, Seller and the Escrow Agent on or
prior to the Closing, reflecting the escrow arrangement agreed by Buyer and Seller, in such form as mutually agreed by the parties thereto. 

“Existing Control Documents” means the existing control documents entered into by and among Beijing WFOE, Zhong Yuan
and the equity holders of Zhong Yuan, the forms of which are attached as Exhibit B-1. 
 “Financial
Statements” means the unaudited balance sheet and statements of income and cash flow of Zhong Yuan as of and for the year ended December 31, 2011 and December 31, 2012, and as of and for the 4-month period ended April 30,
2013. 
 “Governmental Authority” means any nation or government or any province or state or any other
political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board,
commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Group Companies” means Seller, Beijing WFOE and Zhong Yuan, and each of them is referred to as a Group Company. 

“Group Company Assets” means the Offshore Assets and the Onshore Assets. 

“Group Company Intellectual Property” means the Offshore Intellectual Property and the Onshore Intellectual Property. 

“Group Company IT Assets” means the Offshore IT Assets and the Onshore IT Assets. 

“Group Company Software” means the Offshore Software and the Onshore Software. 

“Hong Kong” means Hong Kong Special Administrative Region. 

“Indebtedness” means, with respect to Zhong Yuan, all indebtedness for borrowed money from banks or other financial
institutions (which for the avoidance of doubt, excludes ordinary course payables that are not borrowed money from banks or other financial institutions). 

  
 3 

 “Intellectual Property Rights” means any and all intellectual property rights or
similar proprietary rights throughout the world, including (i) inventions, whether or not patentable, reduced to practice or made the subject of one or more pending patent applications, (ii) national and multinational statutory invention
registrations, patents and patent applications (including all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof) registered or applied for in the PRC, the United States and all other nations throughout
the world, all improvements to the inventions disclosed in each such registration, patent or patent application, (iii) trademarks, service marks, trade dress, logos, domain names, trade names and corporate names (whether or not registered) in
the PRC, the United States and all other nations throughout the world, including all variations, derivations, combinations, registrations and applications for registration of the foregoing and all goodwill associated therewith, (iv) copyrights
(whether or not registered) and registrations and applications for registration thereof in the PRC, the United States and all other nations throughout the world, including all derivative works, moral rights, renewals, extensions, reversions or
restorations associated with such copyrights, now or hereafter provided by law, regardless of the medium of fixation or means of expression, (v) Software, (vi) trade secrets and, whether or not confidential, business information
(including pricing and cost information, business and marketing plans and customer and supplier lists) and know-how (including manufacturing and production processes and techniques and research and development information), (vii) industrial
designs (whether or not registered), (viii) databases and data collections, (ix) domain names, (x) copies and tangible embodiments of any of the foregoing, in whatever form or medium, (xi) all rights to obtain and rights to apply
for patents, and to register trademarks, copyrights and domain names, (xii) all rights in all of the foregoing provided by all Applicable Laws and (xiii) all rights to sue or recover and retain damages and costs and attorneys’ fees
for past, present and future infringement or misappropriation of any of the foregoing. 
 “IT Assets” means any and
all computers, firmware, middleware, servers, workstations, routers, hubs, switches, data communications lines, and all other information technology equipment and systems, and all associated documentation. 

“knowledge” (or best knowledge) means, with respect to any Group Company, the knowledge of the directors and officers
holding positions at vice president level or above of such Group Company after due and reasonable inquiry. For the avoidance of doubt, attached as Exhibit A is a list of officers holding positions at vice president level or above at each
Group Company.  
 “Lien” means, with respect to any property or asset, any mortgage, deed of trust, lien,
pledge, charge, security interest, encumbrance or other adverse claim of any kind in respect of such property or asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any property or asset which it has acquired
or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such property or asset. 

“Material Adverse Effect” means a material adverse effect on (i) the condition (financial or otherwise),
business, assets, results of operations or prospects of the Business, or (ii) Seller’s or its Affiliates’ ability to consummate the transactions contemplated by the Transaction Documents. 

“Net Cash” means, with respect to Zhong Yuan, the excess of cash minus Indebtedness. 

  
 4 

 “New Control Documents” means the new control documents to be entered into by
and among Buyer WFOE, Zhong Yuan and the equity holders of Zhong Yuan, the forms of which are attached as Exhibit B-3. 

“Offshore Assets” means all assets used or held for use in or otherwise related to the Business, purchased by Buyer from
Seller pursuant to the Offshore Asset Transfer Agreement. 
 “Offshore Asset Transfer Agreement” means the agreement
entered into by and between Seller and Buyer with respect to the transfer of the Offshore Assets dated as of the date hereof, the form of which is attached as Exhibit C. 

“Offshore Intellectual Property” means any and all Intellectual Property Rights used or held for use in or otherwise related
to the Business, including the Offshore Software and the items listed on Exhibit E hereto. 
 “Offshore IT Assets”
means any and all IT Assets used or held for use in or otherwise related to the Business. 
 “Offshore Software” means any
Software used or held for use in or otherwise related to the Business, including the Software listed on Exhibit E hereto. 

“Onshore Assets” means, except for the Offshore Assets, all the other assets held by the Group Companies which will be
transferred to or controlled by an Affiliate of Buyer in connection with the Onshore Transactions (including, for the avoidance of doubt, the Onshore Purchased Assets). 

“Onshore Asset Transfer Agreement” means the agreement entered into by and between Beijing WFOE and Buyer WFOE with respect
to the transfer of the Onshore Purchased Assets dated as of the date hereof, the form of which is attached as Exhibit D. 

“Onshore Intellectual Property” means, except for the Offshore Intellectual Property, all the other Intellectual Property
Rights held by the Group Companies, which will be transferred to or controlled by an Affiliate of Buyer in connection with the Onshore Transactions, including the Onshore Software and the items listed on Exhibit J hereto. 

“Onshore IT Assets” means, except for the Offshore IT Assets, all the other IT Assets held by the Group Companies, which will
be transferred to or controlled by an Affiliate of Buyer in connection with the Onshore Transactions. 
 “Onshore Purchased
Assets” means all assets used or held for use by Beijing WFOE, purchased by Buyer WFOE from Buyer WFOE pursuant to the Onshore Asset Transfer Agreement 

“Onshore Software” means, except for the Offshore Software, all the other Software held by the Group Companies, which will be
transferred to or controlled by an Affiliate of Buyer in connection with the Onshore Transactions, including the Software listed on Exhibit J hereto. 

  
 5 

 “Onshore Transactions” means the transactions contemplated by the Onshore Asset
Transfer Agreement, the New Control Documents and the VIE Termination Agreement. 
 “Person” means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Authority. 

“PRC” means the People’s Republic of China, solely for purposes of this Agreement, excluding Hong Kong, Macau Special
Administrative Region and Taiwai. 
 “Pre-Closing Tax Period” means (i) any Tax Period ending on or before the Closing
Date and (ii) with respect to a Tax Period that commences before but ends after the Closing Date, the portion of such period up to and including the Closing Date. 

“Related Party” means any Affiliate, officer, director, supervisory board member, employee, or holder of any equity security
of any Group Company, and any Affiliate or associate of any of the foregoing. 
 “RMB” means the lawful currency of the
PRC. 
 “Software” means any and all computer software, including assemblers, applets, compilers, source code, object code,
firmware, operating systems and specifications, binary libraries, data, development tools, design tools and user interfaces, in any form or format, however fixed, and all documentation related thereto. 

“Tax” means any tax, duty, custom, fee, assessment charge, or other levy separately or jointly due or payable to, or levied
or imposed by any Governmental Authority, including income, gross receipts, license, wages, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duty, capital, capital gains, capital stock,
goods and services, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, transaction, registration, value added, alternative/add-on minimum, estimated or other tax, duty,
charge, custom, governmental fee, assessment or other levy of any kind whatsoever, including any interest, penalty, fine or addition thereto, and any interest with respect to such addition or penalty, and (ii) any liability for the payment of
any amounts described in clause (i) for or to any other Person as a result of being a member of an Affiliated, consolidated, combined or unitary group, or as a transferee or successor, by contract, or otherwise, including as a result of an
express or implied obligation to indemnify any other Person with respect to the payment of any amounts described in clause (i). 

“Transaction Documents” means, collectively, this Agreement, the Offshore Asset Transfer Agreement, the Onshore Asset
Transfer Agreement, the New Control Documents, the VIE Termination Agreement, the Deferred Management Payment Agreement and the Escrow Agreement. 

“U.S. GAAP” means generally accepted accounting principles in the United States of America. 

  
 6 

 “VIE Termination Agreement” means the agreement to be entered into by and among
Beijing WFOE, Zhong Yuan and the equity holders of Zhong Yuan to terminate the Existing Control Documents, the form of which is attached as Exhibit B-2. 

“Zhong Yuan” means Shanghai Zhong Yuan Network Co., Ltd.

, a limited liability company organized under the laws of the PRC. 
 (b) Each of the following terms is
defined in the Section set forth opposite such term: 
  

			
	 Term
	  	 Section

		
	Agreement	  	Preamble
	Audited Balance Sheet	  	Section 2.09
	Audited Stockholder’s Equity	  	Section 2.09
	Beijing WFOE	  	Preamble
	Business	  	Recitals
	Buyer	  	Preamble
	Buyer Group	  	Preamble
	Buyer WFOE	  	Preamble
	Cap	  	Section 10.02
	Closing	  	Section 2.08
	Company	  	Preamble
	Contracts	  	Section 3.09
	Damages	  	Section 10.02
	Difference	  	Section 2.09
	Dispute	  	Section 12.07(a)
	Drop Dead Date	  	Section 11.01(b)
	e-mail	  	Section 12.01
	Escrow Payment	  	Section 2.06(c)
	Excluded Liabilities	  	Section 2.04
	Fundamental Representations	  	Section 10.01
	HKIAC Rules	  	Section 12.07
	Indemnified Party	  	Section 10.03
	Indemnifying Party	  	Section 10.03
	Offshore Payment	  	Section 2.06(c)
	Permit	  	Section 3.18
	Permitted Liens	  	Section 3.12
	Purchase Price	  	Section 2.06
	Seller	  	Preamble
	Shortfall	  	Section 2.06
	Stockholder’s Equity	  	Section 2.09
	Third Party Claim	  	Section 10.03
	Threshold	  	Section 10.02
	VIE Net Cash Balance	  	Section 2.06
	VIE Net Cash Balance Certification	  	Section 2.07
	Warranty Breach	  	Section 10.02

  
 7 

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein,
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations
promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any
agreement or contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include the successors and permitted assigns of that Person. References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all
Applicable Law. 
 ARTICLE 2 

TRANSACTION FRAMEWORK 

Section 2.01. Purchase and Sale. Subject to the terms and conditions of the Transaction Documents, Buyer agrees to purchase, or
cause to be purchased by its Affiliates, from Seller or its Affiliates and Seller agrees to sell, convey, transfer, assign and deliver, or cause to be sold, conveyed, transferred, assigned and delivered, to Buyer or its Affiliates at the Closing,
free and clear of all Liens, the Group Company Assets. Seller covenants to Buyer that (a) the Group Company Assets represent all assets used or held for use by Seller or its Affiliates related to the Business and (b) to the extent any
asset used or held for use by Seller or its Affiliates related to the Business is not transferred to Buyer or its Affiliates at the Closing, Seller shall, as soon as possible after the Closing, sell, convey, transfer, assign and deliver, or cause to
be sold, transferred, assigned and delivered, to Buyer or its Affiliates, free and clear of all Liens, such assets. 
 Section 2.02.
Excluded Assets. Buyer expressly understands and agrees that the equity of Beijing WFOE owned by Seller is not included within the Group Company Assets. 

  
 8 

 Section 2.03. Assumed Liabilities. Subject to the terms and conditions of the
Transaction Documents, Buyer agrees, effective at the time of the Closing, to assume, or cause to be assumed by its Affiliates, the following liabilities: 

(a) accounts payables arising under (i) the contracts in such amounts as specified in Exhibit 3 of the Onshore Asset
Transfer Agreement and (ii) the contracts in such amounts as specified in Schedule C of the Offshore Asset Transfer Agreement; 

(b) all liabilities of Zhong Yuan existing on or prior to the Closing Date to the extent such liabilities (and amount thereof)
(x) are specifically set forth or reserved against in the Balance Sheet or (y) arise after the Balance Sheet Date in the ordinary course of business consistent with past practice, which are not material to Zhong Yuan (other than
liabilities that are Excluded Liabilities); and 
 (c) such liabilities of Zhong Yuan (x) with respect to each pending
or threatened action, litigation or proceeding set forth in Schedule 3.10 of the Disclosure Schedule or (y) arising from the information set forth in Schedule 3.16 of the Disclosure Schedule, to the extent such liabilities under (x) and
(y), less any damages obtained by Zhong Yuan from any settlement, litigation or proceeding brought or initiated by Zhong Yuan for any claim based on acts or events that occurred before the Closing, provided that such net liabilities do not exceed
US$1,500,000 in the aggregate. 
 Section 2.04. Excluded Liabilities. Notwithstanding anything to the contrary in the
Transaction Documents, Buyer and its Affiliates are not assuming any liabilities and liabilities of the Group Companies not expressly assumed under the Transaction Documents and any liabilities and obligations of the Group Companies not related to
the Business, which shall constitute the “Excluded Liabilities”. Subject to the terms and conditions of the Transaction Documents, Excluded Liabilities include: 

(a) all liabilities and obligations of the Group Companies for Taxes related to income or revenue received prior to the Closing
Date or any Pre-Closing Tax Period; 
 (b) all liabilities of the Group Companies arising out of or relating to any product
liability, infringement, misappropriation or other violation, indemnity (including of employees or directors), warranty or similar claims by any Person, in each case to the extent such liabilities arise prior to Closing or otherwise as a result of
the conduct of the Business prior to Closing; 
 (c) all liabilities of the Group Companies arising out of or relating to any
Intellectual Property Rights or content used or distributed by the Business prior to Closing for which the Group Companies do not have valid, enforceable and sufficient licenses for use or distribution (other than as expressly assumed under
Section 2.02(c)); 
 (d) all liabilities or obligations relating to employee benefits or compensation arrangements
existing on or prior to the Closing Date, including any liability or obligation under any of Group Company’s employee benefit agreements, plans or other arrangements; 

  
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 (e) all liabilities of the Group Companies with respect to each pending or
threatened action, litigation or proceeding to the extent based on facts or circumstances existing on or prior to the Closing Date (other than as expressly assumed under Section 2.03(c)); 

(f) all liabilities and obligations of the Group Companies arising under the Transaction Documents; and 

(g) all liabilities and obligations of the Group Companies for Taxes imposed or asserted in connection with the Onshore
Transactions or sale of the Business. 
 Section 2.05. Assignment of Contracts and Rights. Anything in the Transaction Documents
to the contrary notwithstanding, any Transaction Document shall not constitute an agreement to assign any Group Company Assets or any claim or right or any benefit arising thereunder or resulting therefrom if such assignment, without the consent of
a third party thereto, would constitute a breach or other contravention of such Group Company Assets or in any way adversely affect the rights of Buyer or Seller thereunder. Seller and Buyer shall use their best efforts (but without any payment of
money by Seller or Buyer) to obtain the consent of such third parties to any such Group Company Assets or any claim or right or any benefit arising thereunder for the assignment thereof to Buyer as Buyer may request. If such consent is not obtained,
or if an attempted assignment thereof would be ineffective or would adversely affect the rights of Seller thereunder so that Buyer would not in fact receive all such rights, Seller and Buyer shall cooperate in a mutually agreeable arrangement under
which Buyer would obtain the benefits and assume the obligations thereunder in accordance with this Agreement, including sub-contracting, sub-licensing, or sub-leasing to Buyer, or under which Seller would enforce for the benefit of Buyer, with
Buyer assuming Seller’s obligations, any and all rights of Seller against a third party thereto. Seller shall promptly pay to Buyer when received all monies received by Seller under any Group Company Assets or any claim or right or any benefit
arising thereunder. 
 Section 2.06. Purchase Price. The aggregate purchase price (the “Purchase Price”) for
the Group Company Assets shall be US$370,000,000 in cash; provided that if the Net Cash balance at Zhong Yuan immediately prior to and as of the execution of the New Control Documents (the “VIE Net Cash Balance”) is less than
US$10,000,000 (such difference, the “Shortfall”), the Purchase Price shall be reduced by the amount of such Shortfall; provided however that the Purchase Price shall be subject to the price adjustment as set forth in
Section 2.09. The Purchase Price shall be paid as follows: 
 (a) US$ 7,454,358.57 of the Purchase Price shall be paid in RMB
equivalent as agreed by the parties in the amount of RMB 45,947,920.78, pursuant to the Onshore Asset Transfer Agreement; 

  
 10 

 (b) US$ 3,244,698.97 of the Purchase Price shall be paid in RMB equivalent as agreed by the
parties in the amount of RMB20,000,000.00, pursuant to the VIE Termination Agreement; 
 (c) The remainder of the Purchase Price (the
“Offshore Payment”) shall be paid in US Dollars pursuant to the Offshore Asset Transfer Agreement as follows: 

(i) 10% of the Offshore Payment (the “Escrow Payment”) shall be paid into the Escrow Account pursuant to the
Escrow Agreement; 
 (ii) the Management Deferred Payment shall be paid after the Closing pursuant to the Deferred Management
Payment Agreement; 
 (iii) the remainder of Offshore Payment minus the Escrow Payment minus the Management Deferred Payment
shall be paid to an account of Seller, designated by Seller by written notice to Buyer delivered not later than two Business Days prior to the Closing Date. 

Section 2.07. Net Cash Balance Statement. On or about the date hereof, Seller shall have delivered to Buyer a true copy of the
bank statement(s) of Zhong Yuan as of May 6, 2013, stating the balance of cash deposited in the bank(s). From and after the date hereof, Seller undertakes to cause Zhong Yuan to not transfer or distribute any cash from Zhong Yuan to Seller or
its Affiliates or Related Parties. Immediately prior to the Closing, Seller shall deliver to Buyer a certification (the “VIE Net Cash Balance Certification”) stating the amount of VIE Net Cash Balance immediately prior to and as of
the execution of the New Control Documents, supported by accompanying bank statement(s) dated as of the Closing Date to Buyer. The Purchase Price shall be adjusted based on the VIE Net Cash Balance as shown on the VIE Net Cash Certification in
accordance with Section 2.06. 
 Section 2.08. Closing. The closing (the “Closing”) of the purchase and
sale of the Group Company Assets shall take place at the places as the parties may agree, as soon as possible, but in no event later than three (3) Business Days, after satisfaction or, to the extent permissible, waiver by the party or parties
entitled to the benefit of the conditions set forth in the Transaction Documents and the conditions set forth in Article 9 (other than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the
extent permissible, waiver of those conditions at the Closing), or at such other time or place as Buyer and Seller may agree. At the Closing: 

(a) Buyer WFOE and Beijing WFOE shall consummate the closing of the transactions contemplated under the Onshore Asset Transfer
Agreement in accordance with the terms thereof; 
 (b) Buyer and Seller shall consummate the closing of the transactions
contemplated under the Offshore Asset Transfer Agreement in accordance with the terms thereof; 

  
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 (c) the VIE Termination Agreement shall be duly executed and delivered by the
parties thereto; 
 (d) the New Control Documents shall be duly executed and delivered by the parties thereto; 

(e) the Deferred Management Payment Agreement shall be duly executed and delivered by the parties thereto; 

(f) Buyer shall pay such portion of the Purchase Price payable at the Closing pursuant to Section 2.06; 

(g) Seller shall deliver any other items the delivery of which is made an express condition to Buyer’s obligations to the
Closing pursuant to Article 9. 
 Section 2.09. Adjustment of Purchase Price; Balance Sheet. (a) As promptly as practicable
but no later than 10 Business Days after the date hereof, Seller will cause to be prepared and delivered to Buyer the Balance Sheet. The Balance Sheet shall (x) fairly present the financial position of Zhong Yuan as at the close of business on
April 30, 2013 in accordance with U.S. GAAP applied on a consistent basis, and (y) be prepared in accordance with accounting policies and practices consistent with past practice, but in all instances in accordance with U.S. GAAP.
“Stockholder’s Equity” means the stockholder’s equity of Zhong Yuan as shown on the Balance Sheet. 
 (b)
Following the Closing, Buyer shall cause the Balance Sheet to be audited by independent accountants of internationally recognized standing (the “Audited Balance Sheet”). “Audited Stockholder’s Equity” means the
consolidated stockholder’s equity of Zhong Yuan as shown on the Audited Balance Sheet. 
 (c) If Audited Stockholder’s Equity is
less than Stockholder’s Equity (“Difference”) and such Difference is US$1,000,000 or greater, Buyer shall be entitled to receive the amount of such Difference out of the Escrow Account, as an adjustment to the Purchase Price.

 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Subject to Section 12.03, except as set forth in the disclosure schedule (“Disclosure Schedule”), Seller represents and
warrants to Buyer as of the date hereof and as of the Closing Date as follows. 
 Section 3.01. Corporate Existence and Power.
Each Group Company is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all governmental licenses, authorizations, permits, consents and
approvals required to carry on its business as now conducted. Each Group Company is duly qualified to do business as a foreign corporation or as a foreign invested company or as a domestic company as the case may be and is in good standing in each
jurisdiction where such qualification is necessary, except for those jurisdiction where failure to be so qualified would not, individually or in the aggregate, have a Material Adverse Effect. Each Group Company has heretofore delivered to Buyer true
and complete copies of the certificate of incorporation and memorandum and articles of association of Seller as currently in effect. 

  
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 Section 3.02. Authorization. The execution, delivery and performance of the
Transaction Documents to which any Group Company is a party, and the consummation of the transactions contemplated by the Transaction Documents are within such Group Company’s corporate powers and have been or will be duly authorized before
Closing by all necessary corporate action on the part of such Group Company. Each Transaction Document to which any Group Company is a party when executed and delivered by such Group Company in accordance with the terms thereof constitutes or will
constitute, a valid and binding agreement of such Group Company enforceable against it in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting
creditors’ rights generally and general principles of equity). 
 Section 3.03. Governmental Authorization. The execution,
delivery and performance by each Group Company of each Transaction Document and except as provided in the Transaction Documents, the consummation of the transactions contemplated thereby require no action by or in respect of, or filing with, any
Governmental Authority. 
 Section 3.04. Noncontravention. The execution, delivery and performance by each Group Company of each
Transaction Document and the consummation of the transactions contemplated thereby do not and will not (i) violate its certificate of incorporation or memorandum and articles of association, (ii) violate any Applicable Law,
(iii) constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under or give rise to any right of termination, cancellation or acceleration of any right or obligation of Seller or to a
loss of any benefit relating to the Business to which Seller is entitled under any provision of any agreement or other instrument binding upon Seller or by which any of the Group Company Assets is or may be bound, or (iv) result in the creation
or imposition of any Lien on any Group Company Assets, other than Permitted Liens. 
 Section 3.05. No Required Consents. No
agreement, contract or other instrument binding upon any Group Company, the Business or the Group Company Assets requiring a consent or other action by any Person as a result of the execution, delivery and performance of any Transaction Document.

 Section 3.06. Financial Statements. The Financial Statements and Consolidated Financial Statements fairly present, in
conformity with U.S. GAAP applied on a consistent basis (except as may be indicated in the notes thereto), the financial position of Zhong Yuan, and the Company and its Subsidiaries, as applicable, as of the dates thereof and its results of
operations and cash flows for the periods then ended (subject to normal year-end adjustments in the case of any unaudited interim financial statements). 

  
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 Section 3.07. Absence of Certain Changes. (a) Since the Balance Sheet Date, the
Business has been conducted in the ordinary course consistent with past practices and there has not been any event, occurrence, development or state of circumstances or facts that has had or would reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. 
 (b) From the Balance Sheet Date until the date hereof, there has not been any action taken by
Seller that, if taken during the period from the date of this Agreement through the Closing Date without Buyer’s consent, would constitute a breach of Section 5.01. 

Section 3.08. No Undisclosed Material Liabilities. There are no liabilities of the Business of any kind whatsoever, whether
accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances which could reasonably be expected to result in such a liability, other than: 

(a) liabilities provided for in the Balance Sheet or disclosed in the notes thereto; 

(b) liabilities disclosed on Schedule 3.08 of the Disclosure Schedule; and 

(c) other undisclosed liabilities which, individually or in the aggregate, are not material to the Business. 

Section 3.09. Material Contracts. (a) With respect to the Business, except as set forth on Section 3.09 of the
Disclosure Schedule, no Group Company is a party to or bound by (each of the following, a “Contract”): 

(i) any lease or sublease (A) of personal property providing for annual rentals of RMB 3,000,000 or more or (B) of
real property; 
 (ii) any agreement for the purchase, lease or license of materials, supplies, goods, services, Intellectual
Property Rights, Internet-based contents, equipment or other assets providing for either (A) annual payments by any Group Company of RMB 3,000,000 or more or (B) aggregate payments by any Group Company of RMB 3,000,000 or more; 

(iii) any sales, distribution or other similar agreement providing for the sale by any Group Company of materials, supplies,
goods, services, Intellectual Property Rights, Internet-based contents, equipment or other assets that provides for either (A) annual payments to any Group Company of RMB 3,000,000 or more or (B) aggregate payments to any Group Company of
RMB 3,000,000 or more; 

  
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 (iv) any agreement (including license agreements, research agreements,
development agreements, distribution agreements, settlement agreements, consent to use agreements and covenants not to sue, but excluding licenses for commercial off-the-shelf computer software that are generally available on nondiscriminatory
pricing terms that have an aggregate acquisition cost of RMB 3,000,000 or less) granting or restricting any right to use, exploit or practice any Intellectual Property Rights; 

(v) any partnership, joint venture or other similar agreement or arrangement; 

(vi) any agreement relating to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets
or otherwise); 
 (vii) any agreement relating to indebtedness for borrowed money or the deferred purchase price of property
(in either case, whether incurred, assumed, guaranteed or secured by any asset), except any such agreement with an aggregate outstanding principal amount not exceeding RMB 3,000,000 and which may be prepaid on not more than 30 day-notice without the
payment of any penalty; 
 (viii) any option, license, franchise or similar agreement; 

(ix) any agency, dealer, sales representative, marketing or other similar agreement; 

(x) any agreement that limits the freedom of any Group Company to compete in any line of business or with any Person or in any
area or to own, operate, sell, transfer, pledge or otherwise dispose of or encumber any Group Company Asset or which would so limit the freedom of Buyer after the Closing Date; 

(xi) any agreement with or for the benefit of any Affiliate of any Group Company; or 

(xii) any other agreement, commitment, arrangement or plan not made in the ordinary course of business that is material to the
Business. 
 (b) Each Contract disclosed in any Schedule to this Agreement or required to be disclosed pursuant to this Section is a valid
and binding agreement of each of the parties thereto and is in full force and effect, and none of the Group Companies or, to the best knowledge of any Group Company, any other party thereto is in default or breach in any material respect under the
terms of any such Contract, and, to the best knowledge of any Group Company no event or circumstance has occurred that, with notice or lapse of time or both, would constitute any event of default thereunder. True and complete copies of each such
Contract have been delivered to Buyer. 
 Section 3.10. Litigation. Except as set forth on Section 3.10 of the Disclosure
Schedule, there is no material action, suit, investigation or proceeding (or any basis therefor) pending against, or to the best knowledge of Seller, threatened in writing against or affecting, the Business or any Group Company Asset before (or, in
the case of threatened actions, suits, investigations or proceedings, would be before) any Governmental Authority or arbitrator. 

  
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 Section 3.11. Compliance with Laws and Court Orders. Each Group Company is not in
violation of, has not since its incorporation violated, and to the best knowledge of any Group Company is not under investigation with respect to and has not been threatened in writing to be charged with or given notice of any material violation of,
any Applicable Law relating to the Group Company Assets or the conduct of the Business. There is no judgment, decree, injunction, rule or order of any arbitrator or Governmental Authority outstanding against any Group Company that has had or would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Group Company Assets or the Business or that in any manner seeks to prevent, enjoin, alter or materially delay the consummation of the transactions
contemplated by the Transaction Documents. 
 Section 3.12. Properties. There are no developments affecting any of the Group
Company Assets pending or, to the best knowledge of any Group Company, threatened, which might materially detract from the value, materially interfere with any present or intended use or materially adversely affect the marketability of such Group
Company Assets. The Group Companies do not own any real property. All leases of real property are in good standing and are valid, binding and enforceable in accordance with their respective terms and there does not exist under any such lease any
default or any event which with notice or lapse of time or both would constitute a default. No Group Company Asset is subject to any Lien, except: (i) Liens disclosed on the Balance Sheet; (ii) Liens for taxes not yet due or being
contested in good faith (and for which adequate accruals or reserves have been established on the Balance Sheet); or (iii) Liens which do not materially detract from the value of such Group Company Asset, or materially interfere with any
present or intended use of such Group Company Asset (clauses (i) - (iii) of this Section are, collectively, the “Permitted Liens”). 

Section 3.13. Sufficiency of and Title to the Group Company Assets. (a) The Group Company Assets constitute all of the
property and assets used or held for used in the Business and are adequate to conduct the Business as currently conducted and as planned to be conducted by Buyer. 

Upon consummation of the transactions contemplated hereby, Buyer will have acquired good and marketable title in and to, or a valid leasehold
interest in, each of the Group Company Assets, free and clear of all Liens, except for Permitted Liens. 
 (b) Upon consummation of the
transactions contemplated by the Onshore Transaction Documents, Buyer WFOE will have acquired good and marketable title in and to, or a valid leasehold interest in, each of the Onshore Assets, free and clear of all Liens. 

  
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 Section 3.14. Related Party Transactions. Except set forth on Section 3.14 of
the Disclosure Schedule, to the best knowledge of any Group Company, no Related Party has any contract, understanding, or proposed transaction with, or is indebted to, any Group Company or has any direct or indirect interest in any Group Company,
nor is any Group Company indebted (or committed to make loans or extend or guarantee credit) to any Related Party (other than for accrued salaries for the current pay period). To the best knowledge of any Group Company, no Related Party has any
direct or indirect interest in any Person with which a Group Company is affiliated or with which a Group Company has a material business relationship (including any Person which purchases from or sells, licenses or furnishes to a Group Company any
goods, Intellectual Property Rights or other property rights or services) or in any contract to which a Group Company is a party or by which it may be bound or affected, and no Related Party directly or indirectly competes with or has any interest
in any Person that directly or indirectly competes with any Group Company (other than ownership of less than one percent (1%) of the stock of publicly traded companies). 

Section 3.15. Products. Each product published, distributed, offered for sale or sold by the Group Companies in connection with
the Business is up to and including the publication, distribution, offer for sale or sale thereof has been, (i) in compliance in all material respects with all Applicable Laws, and (ii) fit for the ordinary purposes for which it is
intended to be used and conforms in all material respects to any promises or affirmations of fact made in the description or introduction for such product or in connection with its publication, distribution, sale or offer for sale. 

Section 3.16. Intellectual Property. (a) Schedule 3.16(a)(i) of the Disclosure Schedule contains a true and complete list of
all the registrations and applications for registrations included in the Group Company Intellectual Property. Schedule 3.16(a)(ii) of the Disclosure Schedule contains a true and complete list of all Group Company Software, other than non-material
Group Company Software, the absence of which will not affect the operations of the Business. 
 (b) The Group Companies are the sole and
exclusive owners of the Group Company Intellectual Property and holds all right, title and interest in and to the Group Company Intellectual Property free and clear of all Liens. There exist no restrictions on the disclosure, use, license or
transfer of the Group Company Intellectual Property. The consummation of the transactions contemplated by the Transaction Documents will not alter, encumber, impair or extinguish any Group Company Intellectual Property. 

(c) No Group Company has an outstanding indemnity obligation to any Person in connection with any Group Company Intellectual Property. 

(d) To the best knowledge of the Group Companies and except as disclosed in Schedule 3.16(d) of the Disclosure Schedule, no Person has
infringed, misappropriated or otherwise violated any Group Company Intellectual Property. Each Group Company has taken reasonable steps in accordance with normal industry practice to maintain the confidentiality of all Group Company Intellectual
Property the value of which is contingent upon maintaining the confidentiality thereof and no such Group Company Intellectual Property has been disclosed other than to Buyer and to employees, representatives, consultants and agents of Seller all of
whom are bound by written confidentiality agreements. 

  
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 (e) Except as disclosed in Schedule 3.16(e) of the Disclosure Schedule, no Group Company has
infringed, misappropriated or otherwise violated, or is infringing, misappropriating or otherwise violating any Intellectual Property Right of any third party. There is no claim, action, suit, investigation or proceeding pending against, or, to the
knowledge of Seller, threatened in writing against or affecting, the Business, any Group Company or any present or former officer, director or employee thereof (i) based upon, or challenging or seeking to deny or restrict, the rights of any
Group Company in any of the Group Company Intellectual Property, (ii) alleging that the use of the Group Company Intellectual Property or any services provided, processes used or products manufactured, used, distributed, imported or sold with
respect to the Business do or may conflict with, misappropriate, infringe or otherwise violate any Intellectual Property Right of any third party or (iii) alleging that any Group Company has infringed, misappropriated or otherwise violated any
Intellectual Property Right of any third party. No Group Company has received from any third party an offer to license any Intellectual Property Rights of such third party for use in the Business. 

(f) The Group Companies own or have valid, enforceable and sufficient licenses to use all Intellectual Property Rights necessary to, or used
or held for use in, the conduct of the business of the Group Companies as currently conducted. 
 (g) None of the Group Company Intellectual
Property has been adjudged invalid or unenforceable in whole or part, and, to the best knowledge of the Group Companies, all such Group Company Intellectual Property are valid and enforceable. 

(h) Section 3.16(h) of the Disclosure Schedule sets forth the systems and measures taken by the Group Companies to (i) block
Internet protocol addresses located in jurisdictions other than PRC, including the U.S., from accessing content or other Intellectual Property Rights through its systems and services for which the Group Companies do not have valid, enforceable and
sufficient licenses to use or distribute, and (ii) implement a digital rights management system and is utilizing video fingerprint identification technology, as recommended by the Motion Picture Association of America, to remove from its
systems and services, and deny access to, any content or other Intellectual Property Rights for which the Group Companies do not have valid, enforceable and sufficient licenses to use or distribute. The Group Companies have implemented and have used
commercially reasonable efforts to comply with (x) an infringement notification system through which third parties, including copyright owners and licensees, can notify the Group Companies of any potential infringement by the Group Companies or
its users, and request takedown, removal or discontinuance of relevant Intellectual Property Rights or content, and (y) a filtering system to identify and remove content prohibited by Applicable Law in the PRC, including screening processes to
filter out popular professionally produced English and/or Chinese language content, such as films, television shows, and variety shows for which the Group Companies do not have valid, enforceable and sufficient licenses to use or distribute. 

(i) In each case where a patent or patent application, trademark registration or trademark application, service mark registration or service
mark application, or copyright registration or copyright application included in the Group Company Intellectual Property is held by assignment, the assignment has been duly recorded with the Governmental Authority from which the patent or
registration issued or before which the application or application for registration is pending. Each Group Company has taken all actions necessary to maintain and protect the Group Company Intellectual Property, including payment of applicable
maintenance fees and filing of applicable statements of use. 

  
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 (j) To the best knowledge of the Group Companies, there are no defects in any of the Group
Company Software that would prevent such Group Company Software from performing in all material respects the functions for which such Group Company Software was designed, and there are no viruses, worms, Trojan horses or similar programs in any of
the Group Company Software. To the best knowledge of the Group Companies, none of the Group Company Software contains any software code that is licensed under any terms or conditions that require that any software be (i) made available or
distributed in source code form, (ii) licensed for the purpose of making derivative works, (iii) licensed under terms that allow reverse engineering, reverse assembly or disassembly of any kind or (iv) redistributable at no charge.

 (k) Each Group Company has taken reasonable steps in accordance with normal industry practice to preserve and maintain reasonably
complete notes and records relating to the Group Company Intellectual Property. 
 (l) With respect to pending applications and applications
for registration of Group Company Intellectual Property that, to the best knowledge of the Group Companies, no Group Company is aware of any reason that could reasonably be expected to prevent any such application or application for registration
from being granted with coverage substantially equivalent to the latest amended version of the pending application or application for registration. To the best knowledge of the Group Companies, none of the trademarks, service marks, applications for
trademarks and applications for service marks included in the Group Company Intellectual Property has been the subject of an opposition or cancellation procedure. To the best knowledge of the Group Companies, none of the patents and patent
applications included in the Group Company Intellectual Property has been the subject of an interference, protest, public use proceeding or third party reexamination request. 

(m) The Group Company IT Assets operate and perform in a manner sufficient for the conduct of the Business of the Group Companies as currently
conducted and as proposed to be conducted. The Group Companies have taken commercially reasonable actions, consistent with industry standards, to protect the confidentiality, integrity and security of the Group Company IT Assets (and all
information, data and content stored or contained therein or transmitted thereby) against any unauthorized use, access, interruption, modification or corruption, including the implementation of commercially reasonable (i) data backup,
(ii) disaster avoidance and recovery procedures and (iii) business continuity procedures, in each case, consistent with industry standards. 

(n) The Group Companies have at all times complied with all Applicable Laws in material respect relating to privacy, data protection and the
collection and use of personal information and user information gathered or accessed in the course of its business and operations. The Group Companies have at all times complied with all rules, policies and procedures established by the Group
Companies from time to time with respect to the foregoing. No claims have been asserted or, to the knowledge of Seller, threatened against the Group Companies by any person alleging a violation of such person’s privacy, personal or
confidentiality rights under any such Applicable Laws, regulations, rules, policies or procedures. There has been no unauthorized access to or other misuse of any such information. 

  
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 Section 3.17. Insurance Coverage. Each Group Company has furnished to Buyer a list
of, and true and complete copies of, all insurance policies relating to the Group Company Assets, the business and operations of the Business and its officers and employees. There is no claim by any Group Company pending under any of such policies
as to which coverage has been questioned, denied or disputed by the insurers of such policies or in respect of which such insurers have reserved their rights. All premiums payable under all such policies have been timely paid and any Group Company
has otherwise complied fully with the terms and conditions of all such policies. Such policies of insurance (or other policies providing substantially similar insurance coverage) have been in effect since their respective incorporation and remain in
full force and effect. Such policies are of the type and in amounts customarily carried by Persons conducting businesses similar to the Business. The Group Companies do not know of any threatened termination of, premium increase with respect to, or
material alteration of coverage under, any of such policies. After the Closing the Group Companies shall continue to have coverage under such policies with respect to events occurring prior to the Closing. 

Section 3.18. Licenses and Permits. Schedule 3.18 of the Disclosure Schedule correctly describes each material license, franchise,
permit, certificate, approval or other similar authorization affecting, or relating in any way to, the Group Company Assets or the Business (the “Permits”) together with the name of the Governmental Authority issuing such Permit.
Except as set forth on Schedule 3.18, (i) the Permits are valid and in full force and effect, (ii) no Group Company is in default under, and no condition exists that with notice or lapse of time or both would constitute a default under,
the Permits and (iii) none of the Permits will be terminated or impaired or become terminable, in whole or in part, as a result of the transactions contemplated hereby. Upon consummation of such transactions, Buyer will have all of the right,
title and interest in all the Permits. 
 Section 3.19. Tax Matters. (a) Each Group Company has timely paid all Taxes which
will have been required to be paid on or prior to the date hereof, the non-payment of which would result in a Lien on any Group Company Asset, would otherwise adversely affect in any material respect the Business or any Group Company Asset or would
result in Buyer becoming liable or responsible therefor. 
 (b) Each Group Company has established, in accordance with GAAP applied on a
basis consistent with that of preceding periods, adequate reserves for the payment of, and will timely pay, all Taxes which arise from or with respect to the Group Company Assets or the operation of the Business and are incurred in or attributable
to the Pre-Closing Tax Period, the non-payment of which would result in a Lien on any Group Company Asset, would otherwise adversely affect in any material respect the Business or any Group Company Asset, or would result in Buyer becoming liable
therefor. 

  
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 Section 3.20. Insolvency; Winding Up. No order or petition has been presented or
resolution passed for the administration, winding-up, dissolution or liquidation of any Group Company and no administrator, receiver or manager has been appointed in respect thereof. No Group Company has commenced any other proceeding under any
bankruptcy, reorganization, dissolution, insolvency, liquidation or similar Applicable Law of any jurisdiction and no such proceedings have been commenced against such Group Company. 

Section 3.21. Selling Documents. None of the documents or information delivered to Buyer in connection with the transactions
contemplated by this Agreement and the Transaction Documents contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein not misleading. Each Group Company has
furnished or otherwise made available to Buyer any and all information (financial, operational or other) and documents, failure to provide which to Buyer could reasonably be expected to cause Buyer, based on its reasonable consideration and
determination, unwilling to execute, deliver and perform this Agreement and the Transaction Documents or to consummate the transactions contemplated herein and therein pursuant to current terms and conditions herein or therein or would defeat the
business rationale of Buyer to enter into this Agreement or any Transaction Document and to consummate the transactions contemplated herein and therein. The financial projections relating to the Business delivered to Buyer are made in good faith and
are based upon reasonable assumptions, and to the best knowledge of any Group Company, there is no fact or set of circumstances that would lead it to believe that such projections are incorrect or misleading in any material respect. 

Section 3.22. Finders’ Fees. There is no investment banker, broker, finder or other intermediary which has been retained by
or is authorized to act on behalf of any Group Company who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement or the Transaction Documents. 

Section 3.23. Employees. Schedule 3.23 of the Disclosure Schedule sets forth a true and complete list of the names, titles, annual
salaries and other compensation of all employees of the Business holding a position of director or above. To the best knowledge of the Group Companies, none of such employees and no other key employee of the Business has indicated to any Group
Company that he intends to resign or retire as a result of the transactions contemplated by this Agreement or the Transaction Documents. 

Section 3.24. Representations. The representations and warranties of the Group Companies contained in this Agreement, disregarding
all qualifications and exceptions contained therein relating to materiality or Material Adverse Effect, are true and correct with only such exceptions as would not in the aggregate reasonably be expected to have a Material Adverse Effect. 

  
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 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller as of the date hereof and as of the Closing Date that: 

Section 4.01. Corporate Existence and Power. Each Buyer Group is a corporation duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of incorporation and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

Section 4.02. Corporate Authorization. The execution, delivery and performance by Buyer Group of this Agreement and the
consummation of the transactions contemplated hereby are within the corporate powers of Buyer Group and have been duly authorized by all necessary corporate action on the part of Buyer Group. This Agreement constitutes a valid and binding agreement
of Buyer Group. 
 Section 4.03. Governmental Authorization. The execution, delivery and performance by Buyer Group of this
Agreement and the consummation of the transactions contemplated hereby require no material action by or in respect of, or material filing with, any Governmental Authority. 

Section 4.04. Noncontravention. The execution, delivery and performance by Buyer Group of this Agreement and the consummation of
the transactions contemplated hereby do not and will not (i) violate the certificate of incorporation or memorandum and articles of association of each Buyer Group or (ii) violate any material Applicable Law. 

Section 4.05. Financing. Buyer has, or will have prior to the Closing, sufficient cash, available lines of credit or other sources
of immediately available funds to enable it to make payment of the Purchase Price. 
 Section 4.06. Finders’ Fees.
There is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Buyer who might be entitled to any fee or commission in connection with the transactions contemplated by this
Agreement. 

  
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 ARTICLE 5 

COVENANTS OF SELLER 

Seller agrees that: 

Section 5.01. Conduct of the Business. From the date hereof until the Closing Date, Seller shall, and shall cause each other Group
Company to conduct the Business in the ordinary course consistent with past practice and use its reasonable best efforts to (i) preserve intact the present business organization of the Business, (ii) maintain in effect all foreign,
federal, state and local licenses, permits, consents, franchises, approvals and authorizations of the Business, (iii) keep available the services of the directors, officers and key employees of the Business, and (iv) maintain satisfactory
relationships with the customers, lenders, content providers, content subscribers, suppliers and others having material business relationships of the Business. Without limiting the generality of the foregoing, except as expressly contemplated by
this Agreement or with the prior written consent of Buyer, no Group Company shall: 
 (a) incur any capital expenditures or any obligations
or liabilities with respect to the Business or the Group Company Assets exceeding RMB 1,000,000 individually or RMB 1,000,000 in the aggregate, outside the ordinary course of business; 

(b) acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, any assets, securities,
properties, interests or businesses for the conduct of the Business; 
 (c) sell, license, lease, or otherwise transfer, or create or incur
any Lien on, any Group Company Assets, other than entry of licensing arrangements in the ordinary course of business consistent with past practice; 

(d) fail to maintain, preserve, protect or enforce any Group Company Intellectual Property or Group Company IT Asset, as applicable; 

(e) make any loans, advances or capital contributions to, or investments in, any other Person with respect to the Business or the Group
Company Assets, other than in the ordinary course of business consistent with past practices; 
 (f) create, incur, assume, suffer to exist
or otherwise be liable with respect to any indebtedness for borrowed money with respect to the Business or the Group Company Assets or guarantees thereof other than in the ordinary course of business and in amounts and on terms consistent with past
practices; 
 (g) (i) enter into any agreement or arrangement that limits or otherwise restricts in any material respect the conduct of the
Business or any of its Affiliates or any successor thereto or that could, after the Closing Date, limit or restrict in any material respect the Business, Buyer or any of its Affiliates, from engaging or competing in any line of business, in any
location or with any Person or (ii) enter into, amend or modify in any material respect or terminate any material Contract or otherwise waive, release or assign any material rights, claims or benefits of the Business or the Group Company
Assets; 

  
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 (h) (i) grant or increase any severance or termination pay to (or amend any existing arrangement
with) any director, officer or employee of the Business, (ii) increase benefits payable under any existing severance or termination pay policies or employment agreements with employees, officers or directors of the Business, (iii) enter
into any employment, deferred compensation or other similar agreement (or amend any such existing agreement) with any director, officer or employee of the Business, (iv) establish, adopt or amend (except as required by Applicable Law) any
collective bargaining, bonus, profit-sharing, thrift, pension, retirement, deferred compensation, compensation, stock option, restricted stock or other benefit plan or arrangement covering any director, officer or employee of the Business or
(v) increase compensation, bonus or other benefits payable to any director, officer or employee of the Business; 
 (i) change the
methods of accounting or accounting practice by each Group Company with respect to the Business, except as required by concurrent changes in GAAP as agreed to by its independent public accountants; 

(j) settle, or offer or propose to settle, (i) any material litigation, investigation, arbitration, proceeding or other claim involving
or against the Business or the Group Company Assets or (ii) any litigation, arbitration, proceeding or dispute that relates to the transactions contemplated hereby; 

(k) take any action that would reasonably be expected to make any representation or warranty or undertaking of Seller hereunder, or omit to
take any action necessary to prevent any representation or warranty or undertaking of any Group Company hereunder from being, inaccurate in any respect at, or as of any time before, the Closing Date; or 

(l) agree, resolve or commit to do any of the foregoing. 

Section 5.02. Tax Matters. From the date hereof, Seller shall, and shall cause each Group Company to timely pay, all Taxes that
arise from or with respect to the Group Company Assets or the operation of the Business and are incurred in or attributable to the Pre-Closing Tax Period. 

Section 5.03. Access to Information; Confidentiality. (a) From the date hereof until the Closing Date, Seller will, and will
cause each other Group Company to, (i) give Buyer, its counsel, financial advisors, auditors and other authorized representatives full access to the offices, properties, books and records of Seller relating to the Business and the Group Company
Assets, (ii) furnish to Buyer, its counsel, financial advisors, auditors and other authorized representatives such financial and operating data and other information relating to the Business and the Group Company Assets as such Persons may
reasonably request and (iii) instruct the employees, counsel and financial advisors of Seller to cooperate with Buyer in its investigation of the Business and the Group Company Assets, provided that any such access by Buyer shall not
unreasonably interfere with the conduct of the business of the Group Companies. No investigation by Buyer or other information received by Buyer before the Closing shall operate as a waiver or otherwise affect any representation, warranty or
agreement given or made by any Group Company hereunder. 

  
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 (b) After the Closing, Seller and its Affiliates will hold, and will use their best efforts to
cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents to hold, in confidence, unless compelled to disclose by Applicable Law, all confidential documents and information concerning the Business
and the Group Company Assets, except to the extent that such information can be shown to have been (i) previously known on a non-confidential basis by Seller, (ii) in the public domain through no fault of Seller, (iii) later lawfully
acquired by Seller from sources not under any obligations to keep such information confidential to Buyer. The obligation of Seller to hold any such information in confidence shall be satisfied if it exercise the same care with respect to such
information as it would take to preserve the confidentiality of their own similar information. 
 (c) On and after the Closing Date, Seller
will, and will cause the other Group Companies to, afford promptly to Buyer and its agents reasonable access to its books of account, financial and other records (including accountant’s work papers), information, employees and auditors to the
extent necessary or useful for Buyer in connection with any audit, investigation, dispute or litigation or any other reasonable business purpose relating to the Business and the Group Company Assets; provided that any such access by Buyer
shall not unreasonably interfere with the conduct of the business of the Group Companies. 
 Section 5.04. Notices of Certain
Events. Seller shall promptly notify Buyer of: 
 (a) any notice or other communication from any Person alleging that the
consent of such Person is or may be required in connection with the transactions contemplated by this Agreement and the Transaction Documents; 

(b) any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this
Agreement and the Transaction Documents; 
 (c) any actions, suits, claims, investigations or proceedings commenced or, to
its knowledge threatened against, relating to or involving or otherwise affecting any Group Company or the Business or the Group Company Assets that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant
to Section 3.10 or that relate to the consummation of the transactions contemplated by this Agreement and the Transaction Documents; 

(d) the damage or destruction by fire or other casualty of any Group Company Asset or part thereof or in the event that any
Group Company Asset or part thereof becomes the subject of any proceeding or, to the knowledge of the Group Companies, threatened proceeding for the taking thereof or any part thereof or of any right relating thereto by condemnation, eminent domain
or other similar governmental action; 
 (e) any inaccuracy of any representation or warranty contained in this Agreement at
any time during the term hereof that could reasonably be expected to cause the conditions set forth in Section 9.02 not to be satisfied; and 

(f) any failure of Seller to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it
hereunder; 
 provided, however, that the delivery of any notice pursuant to this Section 5.04 shall not limit or otherwise affect the remedies
available hereunder to Buyer. 

  
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 Section 5.05. Noncompetition. (a) Seller agrees, that for a period of two
(2) full years after the Closing Date, neither it nor any of the controlled Affiliates (including Beijing WFOE) shall: 

(i) engage, either directly or indirectly, as a principal or for its own account or solely or jointly with others, or as
shareholders or other investor in any company or other entity, in any business that competes with the Business as it exists on the Closing Date within the PRC; or 

(ii) employ or solicit, or receive or accept the performance of services by any directors, officers or employees of Buyer or
its Affiliates. 
 (b) If any provision contained in this Section shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Section, but this Section shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. It is the
intention of the parties that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a length of time which is not permitted by Applicable Law, or in any way construed to be too broad or to any
extent invalid, such provision shall not be construed to be null, void and of no effect, but to the extent such provision would be valid or enforceable under Applicable Law, a court of competent jurisdiction shall construe and interpret or reform
this Section to provide for a covenant having the maximum enforceable geographic area, time period and other provisions (not greater than those contained herein) as shall be valid and enforceable under such Applicable Law. Each Seller and Beijing
WFOE acknowledges that Buyer would be irreparably harmed by any breach of this Section and that there would be no adequate remedy at law or in damages to compensate Buyer for any such breach. Each Seller and Beijing WFOE agrees that Buyer shall be
entitled to injunctive relief requiring specific performance by Each Seller and Beijing WFOE of this Section, and Each Seller and Beijing WFOE consents to the entry thereof. 

Section 5.06. Exclusivity. From the date hereof until the Closing Date, Seller shall not, and shall cause the other Group
Companies not to directly or indirectly, (i) enter into or continue any discussion, negotiation or agreement with any person other than Buyer with respect to any sale or issue of capital stock or assets of any Group Company or any of its
subsidiaries, any other sale, financing or investment transaction, or any other transaction that would be similar to the transactions contemplated under this Agreement and the Transaction Documents or have the effect directly or indirectly of
disposing a material portion of the Group Company Assets, (ii) take any action to solicit, initiate, encourage or assist the submission of any proposal or offer that constitutes, or may reasonably be expected to lead to any of the transactions
described in (i) above from any Person or entity other than Buyer, or (iii) disclose any nonpublic information, or afford access to its properties, books or records, to any other person or entity that is making any proposal or offer that
constitutes, or may reasonably be expected to lead to any of the transactions described in (i) above, or would be in substitution or an alternative for or would impede or interfere with the transactions contemplated by this Agreement. 

  
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 Section 5.07. Onshore Transactions. Seller shall cause each applicable Group Company
to take all actions necessary and desirable to consummate the Onshore Transactions pursuant to the terms of the Onshore Transaction Documents. 

ARTICLE 6 

COVENANTS OF BUYER 

Buyer agrees that: 

Section 6.01. Confidentiality. Prior to the Closing Date and after any termination of this Agreement, Buyer and its Affiliates
will hold, and will use their best efforts to cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents to hold, in confidence, unless compelled to disclose by Applicable Law, all confidential
documents and information concerning the Business or any Group Company furnished to Buyer or its Affiliates in connection with the transactions contemplated by this Agreement, except to the extent that such information can be shown to have been
(i) previously known on a non-confidential basis by Buyer, (ii) in the public domain through no fault of Buyer or (iii) later lawfully acquired by Buyer from sources not under any obligations to keep such information confidential to
Seller; provided that Buyer may disclose such information to its officers, directors, employees, accountants, counsel, consultants, advisors and agents in connection with the transactions contemplated by this Agreement so long as such Persons
are informed by Buyer of the confidential nature of such information and are directed by Buyer to treat such information confidentially. The obligation of Buyer and its Affiliates to hold any such information in confidence shall be satisfied if they
exercise the same care with respect to such information as they would take to preserve the confidentiality of their own similar information. If this Agreement is terminated, Buyer and its Affiliates will, and will use their best efforts to cause
their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents to, destroy or deliver to the Group Companies, upon request, all documents and other materials, and all copies thereof, obtained by Buyer or its
Affiliates or on their behalf from the Group Companies in connection with this Agreement that are subject to such confidence. 

Section 6.02. Post-Closing Covenants. After the Closing, Seller shall, and shall cause its Affiliates, to comply with their
respective post-Closing obligations under the Transaction Documents. 
 ARTICLE 7 

COVENANTS OF BUYER AND SELLER 

Buyer and Seller agree that: 

Section 7.01. Best Efforts; Further Assurances. (a) Subject to the terms and conditions of this Agreement, each party will
use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under Applicable Laws to consummate the transactions contemplated by this Agreement and the Transaction Documents. The
parties agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be necessary or desirable in order to consummate or implement expeditiously the transactions contemplated by
this Agreement and the Transaction Documents and to vest in Buyer good and marketable title to the Group Company Assets. 

  
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 (b) Seller hereby constitutes and appoints, effective as of the Closing Date, Buyer and its
successors and assigns as the true and lawful attorney of Seller with full power of substitution in the name of Buyer, or in the name of Seller but for the benefit of Buyer, (i) to collect for the account of Buyer any items of Group Company
Assets and (ii) to institute and prosecute all proceedings which Buyer may in its sole discretion deem proper in order to assert or enforce any right, title or interest in, to or under the Group Company Assets, and to defend or compromise any
and all actions, suits or proceedings in respect of the Group Company Assets. Buyer shall be entitled to retain for its own account any amounts collected pursuant to the foregoing powers, including any amounts payable as interest in respect thereof.
Seller hereby agrees that the foregoing agreements shall apply mutatis mutandis with respect to the other Group Companies and the other Group Company Assets and agrees to cause the other Group Companies to take such actions as necessary or desirable
to give effect to such agreements. 
 Section 7.02. Certain Filings. The parties shall cooperate with one another (i) in
determining whether any action by or in respect of, or filing with, any Governmental Authority is required, or any actions, consents, approvals or waivers are required to be obtained from any third party, in connection with the consummation of the
transactions contemplated by this Agreement and (ii) in taking such actions or making any such filings, furnishing information required in connection therewith and seeking timely to obtain any such actions, consents, approvals or waivers. 

Section 7.03. Public Announcements. The parties agree to consult with each other before issuing any press release or making any
public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press releases and public statements the making of which may be required by Applicable Law or any listing agreement with any national
securities exchange, will not issue any such press release or make any such public statement prior to such consultation. 
 ARTICLE 8 

[RESERVED] 
 ARTICLE
9 
 CONDITIONS TO CLOSING 

Section 9.01. Conditions to Obligations of Buyer and Seller. The obligations of Buyer and Seller to consummate the Closing are
subject to the satisfaction of the following conditions: 
 (a) No Applicable Law shall prohibit the consummation of the
Closing. 
 (b) All actions by or in respect of or filings with any Governmental Authority required to permit the
consummation of the Closing shall have been taken, made or obtained. 

  
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 Section 9.02. Conditions to Obligation of Buyer. The obligation of Buyer to
consummate the Closing is subject to the satisfaction of the following further conditions: 
 (a) (i) Seller shall have
performed in all material respects all of its obligations hereunder required to be performed by it on or prior to the Closing Date and (ii) the representations and warranties of the Seller contained in this Agreement and in any certificate or
other writing delivered by Seller pursuant hereto (A) that are qualified by materiality or Material Adverse Effect shall be true at and as of the Closing Date as if made at and as of such date, and (B) that are not qualified by materiality
or Material Adverse Effect shall be true in all material respects at and as of the Closing Date as if made at and as of such time; and (C) Buyer shall have received a certificate signed by the Chief Executive Officer of Seller to the forgoing
effect. 
 (b) There shall not be threatened (in writing to any Group Company), instituted or pending any action or
proceeding by any Person before any Governmental Authority, (i) seeking to restrain, prohibit or otherwise interfere with the ownership or operation by Buyer or any of its Affiliates of all or any material portion of the Group Company Assets or
the business or assets of Buyer or any of its Affiliates or to compel Buyer or any of its Affiliates to dispose of all or any material portion of the Group Company Assets or of Buyer or any of its Affiliates or (ii) seeking to require
divestiture by Buyer or any of its Affiliates of any Group Company Assets or any business or assets of Buyer or any of its Affiliates. 

(c) There shall not be any action taken, or any Applicable Law proposed, enacted, enforced, promulgated, issued or deemed
applicable to the purchase of the Group Company Assets, by any Governmental Authority, that, in the reasonable judgment of Buyer could, directly or indirectly, result in any of the consequences referred to in Sections 9.02(b)(i) and 9.02(b)(ii).

 (d) Each Group Company shall have received all required consents (including all consents, authorizations or approvals from
the Governmental Authorities referred to in Section 3.03), in each case in form and substance reasonably satisfactory to Buyer, and no such consent, authorization or approval shall have been revoked. 

(e) No event, development, occurrence, change, effect or condition of any character shall have occurred following the date of
this Agreement that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 

  
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 (f) Each of the parties to the Transaction Documents, other than Buyer or Buyer
WFOE, shall have executed and delivered such Transaction Documents to Buyer or Buyer WFOE, as applicable. 
 (g) The closing
of the transactions contemplated under the Offshore Asset Transfer Agreement and the Onshore Transaction Documents shall be completed simultaneously at the Closing pursuant to the terms and conditions thereto. 

(h) Buyer shall have received an opinion from Commerce & Finance Law Offices, in form and substance satisfactory to
Buyer. 
 (i) Buyer shall have received an opinion from Han Kun Law Offices, in form and substance satisfactory to Buyer.

 (j) Buyer shall have received an opinion from Conyers Dill & Pearman, in form and substance satisfactory to
Buyer. 
 (k) Each of the individuals listed on Exhibit G shall have entered into an employment agreement with Zhong
Yuan in form and substance satisfactory to Buyer, with a non-competition term of two (2) years after the Closing. 
 (l)
Seller shall have delivered to Buyer resolutions duly adopted by Seller’s board of directors and shareholders and such other documents as necessary to approve the allocation of the Purchase Price among its shareholders and optionholders as set
forth in Exhibit I attached hereto. 
 (m) Seller shall have delivered the Balance Sheet to Buyer pursuant to
Section 2.09. 
 (n) Seller shall have delivered to Buyer the Consolidated Financial Statements, together with an
unqualified audit report thereto issued by Deloitte Touche Tohmatsu. 
 Notwithstanding anything to the contrary in the Offshore Asset
Transfer Agreement or the Onshore Asset Transfer Agreement, no party has any obligation to consummate the transactions contemplated thereunder unless all conditions specified in Section 9.02 have been satisfied and the closings of such
transactions and the entry of the New Control Documents happen concurrently at the Closing. 
 Section 9.03. Conditions to
Obligation of Seller. The obligation of Seller to consummate the Closing is subject to the satisfaction of the following further conditions: 

(a) (i) Buyer shall have performed in all material respects all of its obligations hereunder required to be performed by it at
or prior to the Closing Date and (ii) the representations and warranties of Buyer contained in this Agreement and in any certificate or other writing delivered by Buyer pursuant hereto shall be true in all material respects at and as of the
Closing Date, as if made at and as of such date. 
 (b) Seller shall have received all documents it may reasonably request
relating to the existence of Buyer and the authority of Buyer for this Agreement, all in form and substance reasonably satisfactory to Seller. 

  
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 ARTICLE 10 

SURVIVAL; INDEMNIFICATION 

Section 10.01. Survival. The representations and warranties of the parties hereto contained in this Agreement or in any
certificate or other writing delivered pursuant hereto or in connection herewith shall survive the Closing until 24 months after the Closing Date; provided that the representations and warranties in Section 3.01, Section 3.02,
Section 3.13, Section 3.16, Section 3.22, Section 4.01 and Section 4.02 (the “Fundamental Representations”) shall survive indefinitely or until the latest date permitted by law. The covenants and agreements
of the parties hereto contained in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive the Closing until 24 months following the last date on which such covenant or agreement is to
be performed or, if no such date is specified, indefinitely. Notwithstanding the preceding sentences, any breach of covenant, agreement, representation or warranty in respect of which indemnity may be sought under this Agreement shall survive the
time at which it would otherwise terminate pursuant to the preceding sentence, if notice of the inaccuracy thereof giving rise to such right of indemnity shall have been given to the party against whom such indemnity may be sought prior to such
time. 
 Section 10.02. Indemnification. (a) Effective at and after the Closing, Seller hereby indemnifies Buyer, its
Affiliates and their respective successors and assignees against and agree to hold each of them harmless from any and all damage, loss, liability and expense (including reasonable expenses of investigation and reasonable attorneys’ fees and
expenses in connection with any action, suit or proceeding whether involving a third-party claim or a claim solely between the parties hereto) (the “Damages”) incurred or suffered by Buyer, any of its Affiliates or any of their
respective successors and assignees arising out of: 
 (i) any misrepresentation or breach of warranty (determined, without
regard to any qualification or exception contained therein relating to materiality or Material Adverse Effect or any similar qualification or standard) given by any Group Company under the Transaction Documents (each such misrepresentation and
breach of warranty a “Warranty Breach”); 
 (ii) any breach of covenant or agreement made or to be performed
by any Group Company pursuant to the Transaction Documents; 
 (iii) any Taxes imposed on or with respect to the Group
Company Assets or the Business with respect to the Pre-Closing Tax Period, provided that with respect to a Pre-Closing Tax Period that commences before but ends after the Closing Date, the amount of any such Taxes that are income taxes, shall be
deemed to be the amount of such Taxes for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the periods ending on the Closing Date and the denominator of which is the number of days in such Tax period;

  
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 (iv) any Damages incurred by Buyer or its Affiliates as a result of any Group
Company’s failure to properly and timely pay Taxes for any transactions contemplated under the Transaction Documents; and 

(v) any and all Excluded Liability; 

provided that, with respect to indemnification by Seller for any breaches under this Agreement (other than breaches of the Fundamental Representations
or covenants made in Article 5), (x) Seller shall not be liable for any such claim unless the aggregate amount of Damages for such breaches (other than breaches of Fundamental Representations or covenants made in Section 5.05) exceeds
US$200,000 (the “Threshold”), in which case Seller shall be liable for all such Damages including within the Indemnity Threshold and (y) Seller’s maximum liability for all such breaches (other than breaches of Fundamental
Representations or covenants made in Section 5.05) shall not exceed 20% of the Offshore Payment (the “Cap”). 
 (b)
Effective at and after the Closing, Buyer hereby indemnifies Seller and its Affiliates and their respective successors and assignees against and agrees to hold each of them harmless from any and all Damages incurred or suffered by Seller, any of its
Affiliates or any of their respective successors and assignees arising out of any breach of covenant or agreement made or to be performed by Buyer pursuant to this Agreement; provided that with respect to indemnification by Buyer for Warranty
Breaches (other than breaches of Fundamental Representations), (x) Buyer shall not be liable for any claim unless the aggregate amount of Damages for such Warranty Breaches (other than breaches of Fundamental Representations) exceeds the
Indemnity Threshold, in which case Buyer shall be liable for all such Damages including within the Threshold and (y) Buyer’s maximum liability for all such Warranty Breaches (other than breaches of Fundamental Representations) shall not
exceed the Cap. 
 Section 10.03. Third Party Claim Procedures. (a) The party seeking indemnification under
Section 10.02(a) and (b) (the “Indemnified Party”) agrees to give prompt notice in writing to the party against whom indemnity is to be sought (the “Indemnifying Party”) of the assertion of any claim or
the commencement of any suit, action or proceeding by any third party (“Third Party Claim”) in respect of which indemnity may be sought under such Section. Such notice shall set forth in reasonable detail such Third Party Claim and
the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent
such failure shall have actually prejudiced the Indemnifying Party. 

  
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 (b) The Indemnifying Party shall be entitled to participate in the defense of any Third Party
Claim and, subject to the limitations set forth in this Section, shall be entitled to control and appoint lead counsel for such defense, in each case at its own expense; provided that prior to assuming control of such defense, the
Indemnifying Party must (i) acknowledge that it would have an indemnity obligation for the Damages resulting from such Third Party Claim as provided under this Article and (ii) furnish the Indemnified Party with evidence that the
Indemnifying Party has adequate resources to defend the Third Party Claim and fulfill its indemnity obligations hereunder. 
 (c) The
Indemnifying Party shall not be entitled to assume or maintain control of the defense of any Third Party Claim and shall pay the fees and expenses of counsel retained by the Indemnified Party if (i) the Indemnifying Party does not deliver the
acknowledgment referred to in Section 10.03(b)(i), (ii) the Third Party Claim relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation, (iii) the Indemnified Party reasonably
believes an adverse determination with respect to the Third Party Claim would be detrimental to the reputation or future business prospects of the Indemnified Party or any of its Affiliates, (iv) the Third Party Claim seeks an injunction or
equitable relief against the Indemnified Party or any of its Affiliates or (v) the Indemnifying Party has failed or is failing to prosecute or defend vigorously the Third Party Claim. 

(d) If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions of this
Section 10.03, the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall not be unreasonably withheld) before entering into any settlement of such Third Party Claim. 

(e) In circumstances where the Indemnifying Party is controlling the defense of a Third Party Claim in accordance with paragraphs (b) and
(c) above, the Indemnified Party shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose, in which case the fees and expenses of such separate counsel shall be borne
by the Indemnified Party; provided that in such event the Indemnifying Party shall pay the fees and expenses of such separate counsel (i) incurred by the Indemnified Party prior to the date the Indemnifying Party assumes control of the
defense of the Third Party Claim or (ii) if representation of both the Indemnifying Party and the Indemnified Party by the same counsel would create a conflict of interest. 

(f) Each party shall cooperate, and cause their respective affiliates to cooperate, in the defense or prosecution of any Third Party Claim and
shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith. 

  
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 Section 10.04. Direct Claim Procedures. In the event an Indemnified Party has a claim
for indemnity under Section 10.02(a) and Section 10.02(b) against an Indemnifying Party that does not involve a Third Party Claim, the Indemnified Party agrees to give prompt notice in writing of such claim to the Indemnifying Party. Such
notice shall set forth in reasonable detail such claim and the basis for indemnification (taking into account the information then available to the Indemnified Party). The failure to so notify the Indemnifying Party shall not relieve the
Indemnifying Party of its obligations hereunder, except to the extent such failure shall have actually prejudiced the Indemnifying Party. If the Indemnifying Party does not notify the Indemnified Party within 30 days following the receipt of a
notice with respect to any such claim that the Indemnifying Party disputes its indemnity obligation to the Indemnified Party for any Damages with respect to such claim, such Damages shall be conclusively deemed a liability of the Indemnifying Party
and the Indemnifying Party shall promptly pay to the Indemnified Party any and all Damages arising out of such claim. If the Indemnifying Party has timely disputed its indemnity obligation for any Damages with respect to such claim, the parties
shall proceed in good faith to negotiate a resolution of such dispute and, if not resolved through negotiations, such dispute shall be resolved by arbitration pursuant to Section 12.07. In addition, upon receipt of an indemnification notice
under this Section 10.04, the Indemnifying Party may propose to the Indemnified Party ways to cure the applicable claim by written notice specifying the details for such proposal and the time period required for such cure; provided that
the Indemnifying Party shall acknowledge that it would have an indemnity obligation for the Damages resulting from such claim; provided further that the Indemnified Party shall have full discretion to consider if it wishes to accept such
proposal. 
 Section 10.05. Calculation of Damages. Seller and Buyer agree that in the event Buyer or its Affiliates shall
suffer any Damages with respect to any Group Company Assets or the Business for which they shall be entitled to indemnification hereunder, such Damages shall be determined by reference to the aggregate Purchase Price for the Group Company Assets or
the Business as a whole, and any allocation of the Purchase Price between the Offshore Assets and the Onshore Assets or for Tax purposes shall not be taken into account in determination of such Damages. 

Section 10.06. Indemnification Payment. In the event Seller shall be liable for any indemnification payment hereunder, Buyer shall
be entitled to receive such amount out of the Escrow Account; provided that if funds in the Escrow Account shall be insufficient for such payment or the Escrow Account shall have terminated; provided that for further avoidance of doubt, Buyer’s
recourse for indemnification hereunder shall not be limited by funds in the Escrow Account. 
 Section 10.07. No Rescission.
Except in the case of fraud or willful or intentional misconduct or as required by Applicable Law, neither Buyer nor Seller, after the consummation of the Closing, shall have the right to rescind the purchase and sale of the Group Company Assets.

  
 34 

 ARTICLE 11 

TERMINATION 

Section 11.01. Grounds for Termination. This Agreement may be terminated at any time prior to the Closing: 

(a) by mutual written agreement of Seller and Buyer; 

(b) by either Seller or Buyer if the Closing shall not have been consummated on or before a date that is 45 days after the date
hereof or any other date as mutually agreed by the Seller and Buyer (the “Drop Dead Date”); provided that the party seeking to terminate this Agreement is not in material breach of any of its obligations hereunder and the right to
terminate this Agreement shall not be available to such party if its failure to fulfill any obligation hereunder shall have been in any material respect, the cause of, or resulted in the failure of Closing to occur prior to the Drop Dead Date; or

 (c) by either Seller or Buyer if there shall be any Applicable Law that makes consummation of the transactions
contemplated hereby illegal or otherwise prohibited or if consummation of the transactions contemplated hereby would violate any non-appealable final order, decree or judgment of any Governmental Authority having competent jurisdiction. 

The party desiring to terminate this Agreement pursuant to Section 11.01(b) or Section 11.01(c) shall give notice of such
termination to the other party. 
 Section 11.02. Effect of Termination. If this Agreement is terminated as permitted by
Section 11.01, such termination shall be without liability of either party (or any stockholder, director, officer, employee, agent, consultant or representative of such party) to the other party to this Agreement; provided that if such
termination shall result from the (i) willful failure of either party to fulfill a condition to the performance of the obligations of the other parties, (ii) failure to perform a covenant of this Agreement or (iii) breach by any party
hereto of any representation or warranty or agreement contained herein, such party shall be fully liable for any and all Damages incurred or suffered by the other party as a result of such failure or breach. The provisions of Section 6.01,
12.02, 12.05 to Section 12.12 shall survive any termination hereof pursuant to Section 11.01. If this Agreement is terminated before the Closing, the parties hereto agree that all other Transaction Documents shall be automatically
terminated. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given, 

if to Buyer, to: 
 Qiyi.com, Inc.

 17/F, Capital Development Tower, 

No. 2 Haidian North 1st Street, 

Haidian District, Beijing, 100080, PRC 

Attention: Li Yipeng 
 Facsimile
No.: 86-10-6267 7000 
 E-mail: liyipeng@qiyi.com 

  
 35 

 with a copy to: 

Davis Polk & Wardwell 

The Hong Kong Club Building 
 3A
Chater Road 
 Hong Kong 

Attention: Miranda So 
 Facsimile
No.: (852) 2533-3373 
 E-mail: miranda.so@davispolk.com 

if to Seller, to: 
 PPSTREAM INC.

 Floor 5, No. 1388 Yi Shan Road 

Xuhui district, Shanghai 

Attention: XU Weifeng 
 Facsimile
No.: +86-21-53519529 
 E-mail: vincent@ppstream.com 

with a copy to: 
 Cadwalader,
Wickersham & Taft LLP 
 23 Floor China Central Place Tower 2 

No. 79 Jianguo Road, Beijing 100025 

Attention: Rocky Lee 
 Facsimile
No.: +86 (10) 6599 7300 
 E-mail: rocky.lee@cwt.com 

or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice,
request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 12.02. Amendments and Waivers. (a) Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. 

  
 36 

 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law. 
 Section 12.03. Disclosure Schedule References. The parties hereto agree
that any reference in a particular Section of the Disclosure Schedule shall only be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations and warranties (or covenants, as applicable) of the
relevant party that are contained in the corresponding Section of this Agreement and (b) any other representations and warranties of such party that is contained in this Agreement or the other Transaction Documents but only if the relevance of
that reference as an exception to (or a disclosure for purposes of) such representations and warranties would be readily apparent to a reasonable person who has read that reference and such representations and warranties, without any independent
knowledge on the part of the reader regarding the matter(s) so disclosed. 
 Section 12.04. Expenses. Except as otherwise
provided herein, all costs and expenses (including any Taxes) incurred in connection with this Agreement shall be paid by the party incurring such cost or expense. 

Section 12.05. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto; except that
Buyer may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to (i) one or more of its Affiliates at any time and (ii) after the Closing Date, to any Person; provided that no
such transfer or assignment will relieve Buyer of its obligations hereunder or enlarge, alter or change any obligation of any other party hereto or due to Buyer. 

Section 12.06. Governing Law. This Agreement shall be governed by and construed in accordance with the law of Hong Kong, without
regard to the conflicts of law rules of such jurisdiction. 
 Section 12.07. Arbitration. 

(a) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the
interpretation, breach, termination, validity or invalidity thereof, shall be exclusively settled by arbitration in Hong Kong under the Hong Kong International Arbitration Centre Administered Arbitration Rules (“HKIAC Rules”) in
force when the Notice of Arbitration is submitted in accordance with the HKIAC Rules. 
 (b) There shall be three (3) arbitrators, of
whom one (1) arbitrator shall be appointed by Seller, one (1) arbitrator appointed by Buyer, and the third arbitrator shall be appointed by the two arbitrators designated by the parties. If the two arbitrators designated by the parties are
unable to agree upon a third arbitrator within thirty (30) days after the first two arbitrators are appointed, the third arbitrator shall be appointed by the Hong Kong Mediation Council of the Hong Kong International Arbitration Centre. 

  
 37 

 (c) The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules
are in conflict with the provisions of this Section, including without limitation, the provisions concerning the appointment of the arbitrators, the provisions of this Section shall prevail. 

(d) In addition to the authority conferred upon the arbitral tribunal by the HKIAC Rules, the arbitral tribunal shall have the authority to
order production of documents in accordance with the IBA Rules on the Taking of Evidence in International Arbitration published by International Bar Association as current on the commencement of the arbitration. 

(e) The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of
competent jurisdiction for enforcement of such award. 
 (f) The arbitral tribunal shall decide any Dispute submitted by the parties to the
arbitration strictly in accordance with the substantive laws of Hong Kong (without regard to principles of conflict of laws thereunder) and shall not apply any other substantive law. 

(g) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction
pending the constitution of the arbitral tribunal. 
 During the course of the arbitral tribunal’s adjudication of the Dispute, this
Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 
 Section 12.08. WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.09. Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of
the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other parties hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other
oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective
successors and assigns. 
 Section 12.10. Entire Agreement. The Transactions Documents (and the agreements referred therein) and
all exhibits and schedules thereto constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both oral and written, among the parties with respect to the
subject matter hereof. In the event of any conflict or inconsistency between this Agreement (or any portion hereof) and the Onshore Asset Transfer Agreement, and/or the Offshore Asset Transfer Agreement, the terms of this Agreement shall prevail.

  
 38 

 Section 12.11. Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
possible. 
 Section 12.12. Specific Performance. The parties hereto agree that irreparable damage would occur if any provision
of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and
provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 
 [Signature Page to Follow] 

  
 39 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first above written. 
  

					
	Qiyi.com, Inc.
		
	By:	 	 /s/ Qiyi.com, Inc.

		 	Name:	 	Gong Yu
		 	Title:	 	Director
	
	Beijing Qiyi Century Science & Technology Co., Ltd. 

		
	By:	 	 /s/ Gong Yu

		 	Name:	 	Gong Yu
		 	Title:	 	Chief Executive Officer
	
	PPSTREAM INC.
		
	By:	 	 /s/ PPSTREAM INC.

		 	Name:	 	Zhang Hongyu
		 	Title:	 	President
	
	Chuan Ju Hu Dong (Beijing) Technology Co., Ltd. 

		
	By:	 	 /s/ Chuan Ju Hu Dong (Beijing) Technology Co., Ltd.

		 	Name:	 	Xu Weifeng
		 	Title:	 	DirectorEX-4.70

 Exhibit 4.70 

EXECUTION VERSION 
 AGREEMENT AND
PLAN OF MERGER 
 among 
 BAIDU
(HONG KONG) LIMITED, 
 BAIDU (HONG KONG) SUB LIMITED 

and 
 91 WIRELESS WEBSOFT LIMITED

 Dated August 14, 2013 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	
	 ARTICLE 1

THE MERGER
	   

  

			
	Section 1.01.	 	 The Merger
	  	 	2	  
	Section 1.02.	 	 Closing; Closing Date
	  	 	2	  
	Section 1.03.	 	 Effective Time
	  	 	2	  
	Section 1.04.	 	 Memorandum and Articles of Association of Surviving Corporation
	  	 	2	  
	Section 1.05.	 	 Directors and Officers
	  	 	2	  
	Section 1.06.	 	 Termination of Listing
	  	 	3	  
	
	 ARTICLE 2

EFFECT ON ISSUED SECURITIES; EXCHANGE OF
CERTIFICATES
	   

  

			
	Section 2.01.	 	 Effect of Merger on Issued Securities
	  	 	3	  
	Section 2.02.	 	 Dissenting Shares
	  	 	3	  
	Section 2.03.	 	 Payment of Merger Consideration
	  	 	4	  
	Section 2.04.	 	 Exchange Procedures for Closing Payment Amount
	  	 	6	  
	Section 2.05.	 	 Withholding Rights
	  	 	8	  
	Section 2.06.	 	 No Transfers
	  	 	9	  
	Section 2.07.	 	 Agreement of Fair Value
	  	 	9	  
	
	 ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	   

  

			
	Section 3.01.	 	 Corporate Existence and Power
	  	 	9	  
	Section 3.02.	 	 Corporate Authorization
	  	 	10	  
	Section 3.03.	 	 Governmental Authorization
	  	 	10	  
	Section 3.04.	 	 Noncontravention
	  	 	11	  
	Section 3.05.	 	 No Creditors
	  	 	11	  
	Section 3.06.	 	 Capitalization
	  	 	11	  
	Section 3.07.	 	 Subsidiaries
	  	 	12	  
	Section 3.08.	 	 Structured Contracts
	  	 	14	  
	Section 3.09.	 	 Financial Statements
	  	 	16	  
	Section 3.10.	 	 Absence of Existing Defaults and Conflicts
	  	 	16	  
	Section 3.11.	 	 Absence of Certain Changes
	  	 	17	  
	Section 3.12.	 	 No Undisclosed Material Liabilities
	  	 	17	  
	Section 3.13.	 	 Absence of Certain Actions
	  	 	18	  
	Section 3.14.	 	 Title to Property and Assets
	  	 	18	  
	Section 3.15.	 	 Insurance
	  	 	19	  
	Section 3.16.	 	 Licenses and Permits
	  	 	19	  
	Section 3.17.	 	 Litigation
	  	 	20	  
	Section 3.18.	 	 Intellectual Property
	  	 	20	  
	Section 3.19.	 	 Material Contracts
	  	 	23	  
	Section 3.20.	 	 Related Party Transactions
	  	 	25	  

  
 i 

							
	Section 3.21.	 	 Employees; Employee Benefits
	  	 	25	  
	Section 3.22.	 	 Labour Agreements; Absence of Labour Dispute and Actions
	  	 	26	  
	Section 3.23.	 	 Proprietary Information, Invention Assignment and Non-Competition Agreement
	  	 	26	  
	Section 3.24.	 	 Environmental Laws
	  	 	26	  
	Section 3.25.	 	 Taxes
	  	 	27	  
	Section 3.26.	 	 Compliance with Laws and Court Orders
	  	 	28	  
	Section 3.27.	 	 Business Practices
	  	 	28	  
	Section 3.28.	 	 Compliance with Anti-Money Laundering Laws
	  	 	28	  
	Section 3.29.	 	 Products
	  	 	29	  
	Section 3.30.	 	 Customers and Suppliers
	  	 	29	  
	Section 3.31.	 	 Insolvency; Winding Up
	  	 	29	  
	Section 3.32.	 	 Anti-Takeover Provisions
	  	 	29	  
	Section 3.33.	 	 Finder’s Fee
	  	 	29	  
	Section 3.34.	 	 Accuracy of Listing Document
	  	 	29	  
	Section 3.35.	 	 Selling Documents
	  	 	30	  
	Section 3.36.	 	 Representations
	  	 	30	  
	
	 ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF PARENT
	   

  

			
	Section 4.01.	 	 Corporate Existence and Power
	  	 	30	  
	Section 4.02.	 	 Corporate Authorization
	  	 	30	  
	Section 4.03.	 	 Governmental Authorization
	  	 	31	  
	Section 4.04.	 	 Noncontravention
	  	 	31	  
	Section 4.05.	 	 Financing
	  	 	31	  
	Section 4.06.	 	 Litigation
	  	 	31	  
	Section 4.07.	 	 Finders’ Fees
	  	 	31	  
	
	 ARTICLE 5

CONDUCT OF BUSINESS PENDING THE MERGER
	   

  

			
	Section 5.01.	 	 Conduct of Business by the Company Pending the Merger
	  	 	32	  
	Section 5.02.	 	 Company Shareholders’ Meeting
	  	 	35	  
	Section 5.03.	 	 Access to Information
	  	 	36	  
	Section 5.04.	 	 No Solicitation; Other Offers
	  	 	36	  
	Section 5.05.	 	 Notification of Certain Matters
	  	 	36	  
	Section 5.06.	 	 Further Action; Reasonable Best Efforts
	  	 	38	  
	Section 5.07.	 	 Obligations of Merger Sub
	  	 	38	  
	Section 5.08.	 	 Participation in Litigation
	  	 	38	  
	Section 5.09.	 	 Confidentiality
	  	 	39	  
	Section 5.10.	 	 Tax Matters
	  	 	39	  
	
	 ARTICLE 6

CONDITIONS TO THE MERGER
	   

  

			
	Section 6.01.	 	 Conditions to the Obligations of Each Party
	  	 	39	  

  
 ii 

							
	Section 6.02.	 	 Conditions to the Obligations of Parent and Merger Sub
	  	 	39	  
	Section 6.03.	 	 Conditions to the Obligations of the Company
	  	 	41	  
	Section 6.04.	 	 Frustration of Closing Conditions
	  	 	42	  
	
	 ARTICLE 7

TERMINATION
	   

  

			
	Section 7.01.	 	 Termination
	  	 	42	  
	Section 7.02.	 	 Effect of Termination
	  	 	43	  
	
	 ARTICLE 8

GENERAL PROVISIONS
	   

  

			
	Section 8.01.	 	 Survival of Representations and Warranties
	  	 	43	  
	Section 8.02.	 	 Notices
	  	 	43	  
	Section 8.03.	 	 Certain Definitions
	  	 	44	  
	Section 8.04.	 	 Severability
	  	 	55	  
	Section 8.05.	 	 Entire Agreement; Assignment
	  	 	55	  
	Section 8.06.	 	 Amendment
	  	 	55	  
	Section 8.07.	 	 Waiver
	  	 	55	  
	Section 8.08.	 	 Specific Performance
	  	 	55	  
	Section 8.09.	 	 Governing Law
	  	 	56	  
	Section 8.10.	 	 Arbitration
	  	 	56	  
	Section 8.11.	 	 Headings
	  	 	57	  
	Section 8.12.	 	 Counterparts; Effectiveness; Third Party Beneficiaries
	  	 	57	  
	Section 8.13.	 	 Disclosure Schedule and Listing Document Reference
	  	 	58	  
	Section 8.14.	 	 Fees and Expenses
	  	 	58	  
	Section 8.15.	 	 No Legal, Tax or Investment Advice
	  	 	58	  
			
	ANNEX A	 	Form of Plan of Merger	  			
	ANNEX B-1	 	Business Contracts to be Terminated	  			
	ANNEX B-2	 	Business Contracts to be Amended	  			
	ANNEX C	 	Listing Document	  			
	ANNEX D	 	Management Deferred Payment Agreement	  			
	ANNEX E	 	Structured Contracts Termination Agreement	  			
	ANNEX F	 	Equity Interests Transfer Agreements	  			
	ANNEX G	 	Form of PRC Legal Opinion	  			
	ANNEX H	 	Form of Deeds of Undertaking	  			
	ANNEX I	 	Form of Cayman Islands Legal Opinion	  			
	ANNEX J	 	Key Employees	  			
	ANNEX K	 	Bases of Merger Consideration	  			
	Schedule 1	 	Company Disclosure Schedule	  			

  
 iii 

 AGREEMENT AND PLAN OF MERGER, dated as of August 14, 2013 (this
“Agreement”), among Baidu (Hong Kong) Limited, a limited liability company incorporated under the laws of Hong Kong (“Parent”), Baidu (Hong Kong) Sub Limited, an exempted company with limited liability incorporated
under the laws of the Cayman Islands and a wholly owned subsidiary of Parent (“Merger Sub”), and 91 Wireless Websoft Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the
“Company”).  
 WHEREAS, upon the terms and subject to the conditions of this Agreement and in accordance
with the Companies Law (2012 Revision) (as amended) of the Cayman Islands (the “CICL”), Parent and the Company will enter into a business combination transaction pursuant to which Merger Sub will merge with and into the Company (the
“Merger”), with the Company surviving the Merger and becoming a wholly owned subsidiary of Parent as a result of the Merger; 

WHEREAS, the board of directors of the Company (the “Company Board”) has unanimously (i) determined that it is in
the best interests of the Company and its shareholders, and declared it advisable, to enter into this Agreement and the Plan of Merger (as defined below), (ii) approved the execution, delivery and performance of this Agreement, the Plan of
Merger and other Transaction Documents, and the consummation of the transactions pursuant to the Transaction Documents, including the Merger (collectively, the “Transactions”), and (iii) resolved to recommend the approval of
this Agreement, the Plan of Merger and the Transactions by the shareholders of the Company at an extraordinary general meeting in accordance with the memorandum and articles of association of the Company and the CICL (the “Shareholders’
Meeting”); 
 WHEREAS, the board of directors of each of Parent and Merger Sub has (i) approved the execution, delivery
and performance by Parent and Merger Sub, respectively, of this Agreement, the Plan of Merger and the consummation of the Transactions, and (ii) declared it advisable for Parent and Merger Sub, respectively, to enter into this Agreement and the
Plan of Merger; 
 WHEREAS, Parent recognizes the importance of the contribution made by the Company’s senior management team and
employees to the continuing success of the Company, and Parent is committed to be fully supportive of any incentive schemes to be adopted and adopted by the Company to retain and incentivize its senior management team and employees after the
Closing; and 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to
be legally bound hereby, Parent, Merger Sub and the Company hereby agree as follows: 

 ARTICLE 1 

THE MERGER 

Section 1.01. The Merger. Upon the terms of this Agreement and subject to the conditions set forth in Article 6, and in accordance
with the CICL, at the Effective Time (as defined below), Merger Sub shall be merged with and into the Company. As a result of the Merger, the separate corporate existence of Merger Sub shall cease and the Company shall continue as the surviving
corporation of the Merger (the “Surviving Corporation”) under the Laws of the Cayman Islands as a wholly owned subsidiary of Parent. Upon the terms and subject to the conditions set forth herein, Merger Sub and the Company shall
cause the Merger to be consummated by filing of a plan of merger (the “Plan of Merger”) substantially in the form attached hereto as Annex A and related documentation with the Registrar of Companies of the Cayman Islands
pursuant to the CICL and obtain the Requisite Regulatory Approvals (as defined below), if applicable, and the parties shall take all such further actions as may be required by applicable Law to make the Merger effective. 

Section 1.02. Closing; Closing Date. Unless this Agreement shall have been terminated pursuant to Section 7.01, and
unless otherwise mutually agreed in writing among the Company, Parent and Merger Sub, the closing for the Merger (the “Closing”) shall take place at the offices of Davis Polk & Wardwell, Hong Kong solicitors,
at 18/F, The Hong Kong Club Building, 3A Chater Road, Hong Kong on a date to be specified by the Company and Parent (the “Closing Date”), which shall be no later than the fifth (5th) Business Day immediately following the day on which the last to be satisfied or, if permissible, waived of the conditions set forth in Article 6 (other than those conditions that by their
nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions) shall be satisfied or, if permissible, waived in accordance with this Agreement. 

Section 1.03. Effective Time. On the Closing Date, Merger Sub and the Company shall execute the Plan of Merger and the
parties shall file the Plan of Merger and other documents required under the CICL to effect the Merger with the Registrar of Companies of the Cayman Islands as provided by Section 233 of the CICL. The Merger shall become effective as of such
date specified in the Plan of Merger (the “Effective Time”). 
 Section 1.04.
Memorandum and Articles of Association of Surviving Corporation. At the Effective Time, the memorandum and articles of association of Merger Sub, as in effect immediately prior to the Effective Time, shall be the memorandum and articles of
association of the Surviving Corporation (the “Surviving Corporation Memorandum”) until thereafter amended as provided by the CICL; provided, however, that, at the Effective Time, all references in the
memorandum and articles of association to the name of Merger Sub shall be amended to refer to 91 Wireless Websoft Limited. 

Section 1.05. Directors and Officers. The parties hereto shall take all actions necessary so that (a) the directors of
Merger Sub immediately prior to the Effective Time shall be the initial directors of the Surviving Corporation, and (b) the officers (other than the directors) of the Company immediately prior to the Effective Time shall be the initial officers
of the Surviving Corporation, in each case, unless otherwise determined by Parent prior to the Effective Time, and until their respective successors are duly elected or appointed and qualified or until the earlier of their death, resignation or
removal in accordance with the Surviving Corporation Memorandum. 

  
 2 

 Section 1.06. Termination of Listing. Upon Closing, the Company shall
forthwith terminate its application for listing and dealing of the Shares (as defined below) on the Growth Enterprise Market of the Stock Exchange. 

ARTICLE 2 
 EFFECT
ON ISSUED SECURITIES; EXCHANGE OF CERTIFICATES 

Section 2.01. Effect of Merger on Issued Securities. At the Effective Time, by virtue of the Merger and without any action
on the part of Parent, Merger Sub, the Company or the holders of any securities of the Company: 
 (a) each ordinary share,
par value US$0.0001 per share, of the Company (a “Share” or, collectively, the “Shares”), issued and outstanding immediately prior to the Effective Time, other than the Dissenting Shares (as defined below), shall be
cancelled in consideration for the right to receive an aggregate merger consideration of US$13.168 in cash per Share (the “Per Share Merger Consideration”) payable in the manner provided in Section 2.03 and Section 2.04
without interest; and the register of members of the Company will be amended accordingly and payment of the Per Share Merger Consideration shall be deemed to satisfy any entitlement to any liquidation preference under Article 5.03(a) of the
Company’s memorandum and articles of association. The Merger Consideration was arrived at after taking into account factors including but not limited to the items set out in Annex K.  

(b) each ordinary share, par value US$0.0001 per share, of Merger Sub issued and outstanding immediately prior to the Effective Time shall be
converted into one validly issued, fully paid and non-assessable ordinary share, par value US$0.0001 per share, of the Surviving Corporation. Such ordinary shares shall be the only issued and outstanding share capital of the Surviving Corporation,
and the Surviving Corporation shall make entries in its register of members to reflect Parent as the holder of ordinary shares of the Surviving Corporation after the Effective Time. 

Section 2.02. Dissenting Shares. (a) Notwithstanding any provision of this Agreement to the contrary and
to the extent available under the CICL, Shares that are issued and outstanding immediately prior to the Effective Time and that are held by shareholders who shall have validly exercised and not effectively withdrawn or lost their appraisal rights
(“dissenter rights”) in accordance with Section 238 of the CICL (collectively, the “Dissenting Shares;” holders of Dissenting Shares being referred to as “Dissenting Shareholders”) shall at the
Effective Time be cancelled and cease to exist, and each such Dissenting Shareholder shall be entitled to receive only the payment of the fair value of such Dissenting Shares held by them in accordance with the provisions of Section 238 of the
CICL, except that all Shares held by Dissenting Shareholders who shall have failed to perfect or who effectively shall have withdrawn or lost their dissenter rights in respect of such Shares under Section 238 of the CICL shall thereupon
(i) not be deemed to be Dissenting Shares and (ii) be and be deemed to have been cancelled and cease to exist, as of the Effective Time, in consideration for the right of the holder thereof to receive the Per Share Merger Consideration,
without any interest thereon, in the manner provided in Section 2.03 and Section 2.01. 

  
 3 

 (b) The Company shall give Parent (i) prompt notice of any objection or dissent to the
Merger or demands for appraisal received by the Company, attempted withdrawals of such dissenter rights or demands, and any other instruments served pursuant to the CICL and received by the Company relating to its shareholders’ dissenter
rights, and (ii) the opportunity to participate in all negotiations and proceedings with respect to any exercise of dissenter rights or any demands for appraisal under the CICL. The Company shall not, except with the prior written consent of
Parent or pursuant to an order from the Grand Court of the Cayman Islands or the competent Governmental or Regulatory Authorities, make any payment with respect to any exercise of dissenter rights or any demands for appraisal or offer to settle or
settle any such dissenter rights or any demands or approve any withdrawal of any such dissenter rights or demands. 
 (c) In the event that
any written notices of objection to the Merger are served by any shareholders of the Company pursuant to section 238(2) of the CICL, the Company shall serve written notice of the authorization of the Merger on such shareholders pursuant to section
238(4) of the CICL within two (2) days of the approval of the Merger by shareholders of the Company at the Shareholders’ Meeting. 

Section 2.03. Payment of Merger Consideration. All payments required to be made to registered holders of Shares (other than
Dissenting Shares) entitled to receive the Per Share Merger Consideration pursuant to Section 2.01(a) (such registered holders, “Eligible Shareholders,” and all such payments collectively, the
“Merger Consideration”) shall be paid as follows:  
 (a) Promptly after the Effective Time and
in any event no later than the Business Day following the Effective Time, Parent shall deposit with the Paying Agent, an amount to be paid to General Shareholders (the “General Shareholders Closing Payment Amount”) equal to the
product of  
 (A1) X (B1) 

Where, 
 (A1) = Per Share Merger
Consideration 
 (B1) = Shares (other than Dissenting Shares) held by General Shareholders as shown against the names of General
Shareholders in the register of members of the Company; 

  
 4 

 (b) Promptly after the Effective Time and in any event no later than the Business Day following
the Effective Time, Parent shall deposit with the Paying Agent, an amount to be paid to the Management Shareholders equal to the product of 

(A2) X (B2) 
 Where, 

(A2) = Per Share Merger Consideration 

(B2) = Shares (other than Dissenting Shares) held by Management Shareholders as shown against the names of the Management Shareholders in the
register of members of the Company 
 Where 75% of the product of (A2) X (B2) (the “Management Shareholders Closing Payment
Amount”) shall be paid by the Paying Agent to the Management Shareholders in the manner set out in Section 2.04(b). 

(c) Promptly after the Effective Time and in any event no later than the Business Day following the Effective Time, Parent shall
deposit with the Paying Agent, an amount to be paid to the Controlling Shareholder (the “Controlling Shareholder Offshore Closing Payment Amount,” collectively with the General Shareholders Closing Payment Amount and the Management
Shareholders Closing Payment Amount, the “Closing Payment Amount”) equal to the product of 
 (A3) X (B3) – (C3)
– (D3) – (E3) 
 Where, 

(A3) = Per Share Merger Consideration 

(B3) = Shares (other than Dissenting Shares) held by Controlling Shareholder as shown against name of Controlling Shareholder in the register
of members of the Company 
 (C3) = US$50,000,000 

(D3) = US$ 93,108,348.72 in RMB equivalent as agreed by the parties in the amount of RMB 570,000,000, paid by the Parent Nominees to NetDragon
(Fujian) for acquiring the entire equity interests in Fujian BoRui pursuant to the Equity Interests Transfer Agreements (as defined below) (such amount, the “Controlling Shareholder Onshore Closing Payment Amount”) 

(E3) = US$10,000,000 (which Parent shall pay to an escrow agent to be mutually agreed by Parent and the Controlling Shareholder and to be
released to the Controlling Shareholder pursuant to the terms and conditions set out in the Deed of Undertaking executed by the Controlling Shareholder and an escrow agreement to be entered into among Parent and the Controlling Shareholder for the
purpose of providing the circumstances under which such US$10,000,000 shall be released to the Controlling Shareholder) 
 (d) Promptly
after the Effective Time and in any event no later than the Business Day following the Effective Time, Parent shall pay the Controlling Shareholder Onshore Closing Payment Amount to an account of the Controlling Shareholder, designated by the
Controlling Shareholder by written notice to Parent delivered not later than two (2) Business Days prior to the Closing Date. 

  
 5 

 (e) After the Closing, Parent shall procure the Paying Agent to pay to the Management
Shareholders, pursuant to the terms and conditions of this Agreement and the Management Deferred Payment Agreement, an amount (the “Management Shareholders Deferred Payment Amount”) equal to the product of 

(A2) X (B2) X (1-C2) 
 Where,

 (A2) = Per Share Merger Consideration 

(B2) = Shares (other than Dissenting Shares) held by Management Shareholders as shown against the names of the Management Shareholders in the
register of members of the Company 
 (C2) = 75% 

Section 2.04. Exchange Procedures for Closing Payment Amount. 

(a) At least two (2) Business Days prior to the Closing Date, the Company shall have delivered to Parent and the Paying Agent a schedule
setting forth (i) the name and address and personal or tax identification number (if applicable) of each Eligible Shareholder entitled to distribution of the applicable Closing Payment Amount, and (ii) the amount of consideration to which
each such Eligible Shareholder is then entitled, together with the register of members of the Company showing the number of Ordinary Shares held immediately prior to the Effective Time by each Eligible Shareholder, including certificate number(s)
for issued Share Certificates, if applicable), and (iii) any amount subject to withholding, pursuant to Section 2.05. 
 (b)
Exchange Procedures. Promptly after the Effective Time, and in any event no later than the Business Day following the Effective Time, Parent shall deposit with the Paying Agent, for the benefit of the General Shareholders, the Management
Shareholders and the Controlling Shareholder, cash in an amount sufficient to pay respectively, the General Shareholders Closing Payment Amount, the Management Shareholders Closing Payment Amount and the Controlling Shareholder Offshore Closing
Payment Amount (such cash being hereinafter referred to as the “Exchange Fund”). As promptly as practicable after the Effective Time, and in any event no later than the fifth
(5th) Business Day following the Effective Time, the Surviving Corporation shall cause the Paying Agent or such other agent as mutually agreed by Parent, Merger Sub and the Company to mail or
otherwise disseminate to each Eligible Shareholder: (i) a letter of transmittal (which shall be in a form reasonably acceptable to Parent and the Company, and shall specify the manner in which the delivery of the General Shareholders Closing
Payment Amount, the Management Shareholders Closing Payment Amount and the Controlling Shareholder Offshore Closing Payment Amount to the General Shareholders, the Management Shareholders and the Controlling Shareholder, respectively, shall be
effected and contain such other provisions as Parent and the Company may mutually agree); and (ii) instructions for use in effecting the surrender of any issued share certificates representing the Shares (the “Share
Certificates”) (or affidavits and indemnities of loss in lieu of the Share Certificates as provided in Section 2.04(c)) and/or such other documents as may be required in exchange for the applicable Closing Payment Amount. Upon
surrender of, if applicable, Share Certificate(s) (or affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 2.04(c)) and/or such other documents as may be required pursuant to such instructions to the Paying
Agent or such other agent as agreed by Parent, Merger Sub and the Company in accordance with the terms of such letter of transmittal, duly executed in accordance with the instructions thereto, each such General Shareholder, Management Shareholder
and Controlling Shareholder shall be entitled to receive the applicable General Shareholders Closing Payment Amount, the Management Shareholders Closing Payment Amount and the Controlling Shareholder Offshore Closing Payment Amount, respectively.

  
 6 

 (c) Lost Certificates. If any Share Certificate shall have been lost, stolen or
destroyed, upon the making of an affidavit of that fact by the Eligible Shareholder claiming such Share Certificate to be lost, stolen or destroyed and, if required by the Surviving Corporation, the posting by such Eligible Shareholder of a bond, in
such reasonable amount as the Surviving Corporation may direct, as indemnity against any claim that may be made against it with respect to such Share Certificate, the Paying Agent will pay in respect of the Shares represented by such lost, stolen or
destroyed Share Certificate an amount equal to the applicable Closing Payment Amount to which such Eligible Shareholder thereof is entitled pursuant to Section 2.01(a) and Section 2.03 and in the manner stated in Section 2.04(b).

 (d) Adjustments to Merger Consideration. The Per Share Merger Consideration shall be adjusted to reflect appropriately
the effect of any share split, reverse share split, share dividend (including any dividend or distribution of securities convertible into the Shares), extraordinary cash dividends, reorganization, recapitalization, reclassification, combination,
exchange of shares or other like change with respect to the Shares occurring, or with a record date, on or after the date hereof and prior to the Effective Time; provided, however, (and without prejudice to Article 5) the Company shall not
effect any of the foregoing without the consent of Parent, save for the special dividends to be declared to the existing Shareholders in an aggregate amount of not more than US$52,064,491.28 prior to Closing.  

(e) Investment of Exchange Fund. The Exchange Fund, pending its disbursement to the Eligible Shareholders, shall be invested by
the Paying Agent as directed by Parent or, after the Effective Time, the Surviving Corporation, provided that no such investment gains or losses thereon shall affect the Closing Payment Amount payable to the Eligible Shareholders;
provided further that if there are any losses that result in the amount of funds in the Exchange Fund being insufficient to pay any portion of the payable Closing Payment Amount that remains unpaid, Parent shall promptly provide additional
funds to the Paying Agent to the extent of such insufficiency. The Exchange Fund shall not be used for any other purposes, except as provided in this Agreement. Earnings from investments shall be the sole and exclusive property of the Surviving
Corporation.  

  
 7 

 (f) Termination of Exchange Fund. Any portion of the Exchange Fund (including any
income or proceeds thereof or of any investment thereof) that remains undistributed to the Eligible Shareholders for one (1) year after the Effective Time shall be delivered to the Surviving Corporation, and any Eligible Shareholder who has not
theretofore complied with this Article 2 shall thereafter look only to the Surviving Corporation for the applicable Closing Payment Amount in cash to which such Eligible Shareholder is entitled pursuant to Section 2.01(a) and Section 2.03
in respect of the Shares (other than the Dissenting Shares) without any interest thereon. Any portion of the Exchange Fund remaining unclaimed by any Eligible Shareholders as of a date which is immediately prior to such time as such amounts would
otherwise escheat to or become property of any Governmental or Regulatory Authority shall, to the extent permitted by applicable Law, shall become the property of the Surviving Corporation free and clear of any claims or interest of any Person
previously entitled thereto (including such Eligible Shareholders). 
 (g) No Liability. None of the Paying Agent,
Parent, the Surviving Corporation or such other agent as agreed by Parent, Merger Sub and the Company shall be liable to any holder of Shares in respect of any such Shares (or dividends or distributions with respect thereto) for which payment was
delivered to a public official pursuant to any abandoned property, escheat or similar Law. 
 Section 2.05.
Withholding Rights. Each of Parent, the Surviving Corporation and the Paying Agent (and any other Person that has a payment obligation pursuant to this Agreement), without double counting, shall be entitled to deduct and
withhold from the Merger Consideration otherwise payable pursuant to this Agreement to any Eligible Shareholder who are former or current employees of any Group Company (the “Employee Shareholder”) such amounts as it reasonably
determines in good faith it or any of the Subsidiaries is required to deduct and withhold with respect to the making of such payment under any provisions of applicable Law, including but not limited to Taxes (if any) that such Employee Shareholder
is required to pay, unless such Employee Shareholder provides such certifications, forms or other documentation reasonably satisfactory to Parent, the Surviving Corporation, and the Paying Agent, as applicable, that such withholding is not required
under applicable Law. To the extent that any amounts are deducted, withheld and remitted to the applicable Governmental or Regulatory Authority by Parent, the Surviving Corporation, the Paying Agent, or any of the Subsidiaries, as the case may be,
such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Employee Shareholder in respect of which such deduction and withholding was made by Parent, the Surviving Corporation or the Paying Agent, as the
case may be. If the Surviving Corporation or any of its subsidiaries settles any Tax deduction or withholding pursuant to this Section in RMB, the Paying Agent shall promptly transfer such amount in USD equivalent to the Surviving Corporation upon
such settlement. 

  
 8 

 Section 2.06. Tax. All transfer, documentary, sales, use, stamp, value added or
similar taxes and duties (including interest and penalties) incurred in connection with cancellation of the Company’s shares by a Person that is shareholder of the Company immediately prior to the Merger, including, in exchange for the
applicable Merger Consideration, as contemplated in the Transaction, if any, shall be paid by such shareholder when due, and such shareholder will, at its own expense, file all necessary Tax Returns with respect to all such taxes and duties, subject
to requirements of any applicable Law. 
 Section 2.07. No Transfers. From and after the Effective Time, holders of the Shares
outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such Shares, except as otherwise provided in this Agreement or by Law. On or after the Effective Time, any Share Certificates presented to the Paying
Agent or such other agent as mutually agreed by Parent, Merger Sub and the Company, Parent or Surviving Corporation for transfer or any other reason shall be canceled and (except for the Dissenting Shares) shall only represent the right to receive
the cash consideration to which the holders thereof are entitled pursuant to Section 2.01(a) and Section 2.03. 

Section 2.08. Agreement of Fair Value. Parent, Merger Sub and the Company respectively agree that the Per Share Merger
Consideration represents the fair value of the Shares for the purposes of Section 238(8) of the CICL. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Subject to Section 8.13 and except as set forth in the Company Disclosure Schedule, the Company represents and warrants to Parent, as of
the date hereof and as of the date of Closing as follows: 
 Section 3.01. Corporate Existence and Power. The Company has
been duly incorporated and is validly existing and in good standing under the laws of the Cayman Islands, with all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to own its properties and
conduct its business as described in the Listing Document, except for those licenses, authorizations, permits, consents and approvals the absence of which would not have, individually or in the aggregate, a Material Adverse Effect. The Company is
duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except for those jurisdictions where failure
to be so qualified would not have, individually or in the aggregate, a Material Adverse Effect. Complete and correct copies of the certificate of incorporation and memorandum and articles of association of the Company and all amendments thereto have
been delivered to Parent. Such certificate of incorporation and memorandum and articles of association are in full force and effect as of the date hereof. 

  
 9 

 Section 3.02. Corporate Authorization. 

(a) The execution, delivery and performance of the Transaction Documents to which any Group Company is a party, and the consummation of the
Transactions are within such Group Company’s corporate powers and have been or will be duly authorized before Closing by all necessary corporate action on the part of such Group Company, subject only to the approval of this Agreement, the Plan
of Merger and the Merger by the Requisite Company Vote (as defined below) in accordance with Section 233(6) of the CICL and the memorandum and articles of association of the Company and the approval from shareholders of NetDragon Cayman at a
general meeting held in accordance with the requirements of the Listing Rules in relation to the Transaction Documents and the transactions contemplated thereunder. Each Transaction Document to which any Group Company is a party when executed and
delivered by such Group Company in accordance with the terms thereof constitutes or will constitute, a valid and binding agreement of such Group Company enforceable against it in accordance with its terms (subject to applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

(b) The Company Board has, as of the date of this Agreement, unanimously (i) determined that the Transaction Documents to which
the Company or any of the Subsidiaries is a signing party and the Transactions, on the terms and subject to the conditions set forth herein and therein, are in the best interests of the Company and its shareholders, (ii) approved and declared
advisable such Transaction Documents and the Transactions, and (iii) resolved to recommend approval of this Agreement, the Plan of Merger and the Merger to the holders of the Shares (the “Company Recommendation”). The Company
Board has, as of the date of this Agreement, by unanimous vote, directed that this Agreement, the Plan of Merger and the Merger be submitted to the holders of Shares for approval. 

Section 3.03. Governmental Authorization. The execution, delivery and performance of the Transaction
Documents to which any Group Company is a party, and the performance of such Transaction Documents and consummation of the Transactions by such Group Company do not and will not, require any material consent, approval, authorization or permit of, or
material filing with or notification to, any Governmental or Regulatory Authority, except (i) for the filing of the Plan of Merger and related documentation with the Registrar of Companies of the Cayman Islands pursuant to the CICL,
(ii) for the consents, approvals, authorizations or permits of, or filings with or notifications to the Governmental or Regulatory Authorities set forth in Section 3.03 of the Company Disclosure Schedule (collectively, the
“Requisite Regulatory Approvals”), and (iii) for such as have been obtained or made prior to the date hereof. The Company does not either (x) hold any tangible or intangible assets located in the United States with an
aggregate fair market value in excess of US$70,900,000, or (y) have revenue from sales in or into the United States exceeding US$70,900,000 in the fiscal year ending December 31, 2012.  

  
 10 

 Section 3.04. Noncontravention. The execution, delivery and performance of the
Transaction Documents to which any Group Company is a party, and the consummation of the Transactions by such Group Company do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the
memorandum and articles of association or any equivalent constitutive documents of any Group Company, (ii) assuming compliance with the matters referred to in this Section 3.04 and except for those matters that are waived from strict
compliance with the Listing Rules granted by the Stock Exchange, contravene, conflict with or result in a violation or breach of any provision of any applicable Law, (iii) require any consent or other action by any Person under, constitute a
default, or an event that, with or without notice or lapse of time or both, would constitute a default, under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to
which any Group Company is entitled under any provision of any agreement or other instrument binding upon such Group Company or any license, franchise, permit, certificate, approval or other similar authorization affecting, or relating in any way
to, the assets or business of such Group Company, or (iv) result in the creation or imposition of any Lien on any asset of any Group Company, with only such exceptions, in the case of each of clauses (ii) through (iv), as have not and
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on such Group Company. 

Section 3.05. No Creditors. The Company does not have any creditors (secured or unsecured) save for any unsecured creditors
with whom whose debts are incurred by the Company in its ordinary course of business, and the execution, delivery and performance by the Company of this Agreement and the consummation of the Transactions do not and will not require the consent or
approval of, or any other action by any creditor. 
 Section 3.06. Capitalization. 

(a) Immediately prior to Closing, (i) the authorized capital of the Company consists of (i) 1,994,500,000 Ordinary Shares, of which
140,335,556 are issued and outstanding, (ii) 15,500,000 Series A Preferred Shares, of which none is issued and outstanding, and (iii) 40,000,000 Series B Preferred Shares, of which none is issued and outstanding. Section 3.06(a) of
the Company Disclosure Schedule contains a complete and correct list of each holder of Ordinary Shares as of the date of this Agreement, including the name and address of such holder, date of issue, number of Ordinary Shares held by such holder and
certificate number(s) for issued Share Certificates (if applicable). All outstanding shares of the Company have been duly authorized and validly issued, fully paid and nonassessable and free of preemptive rights. 

(b) There are no outstanding bonds, debentures, notes or other indebtedness of the Company having the right to vote (or convertible into, or
exchangeable for, securities having the right to vote) on any matters on which shareholders of the Company may vote. Except as set forth in Section 3.06(a), there are no issued, reserved for issuance or outstanding (i) shares or other
voting securities of or ownership interests in the Company, (ii) securities of the Company convertible into or exchangeable for shares or other voting securities of or ownership interests in the Company or (iii) warrants, calls, options or
other rights (including, without limitation, preemptive rights) to acquire from the Company, or other obligation of the Company to issue, any shares, voting securities or securities convertible into or exchangeable for shares or voting securities of
the Company, or (iv) restricted shares, stock or share appreciation rights, performance units, contingent value rights, “phantom” stock or similar securities or rights that are derivative of, or provide economic benefits based,
directly or indirectly, on the value or price of, any share, equity or voting securities of the Company (the items in clauses (i) through (iv) being referred to collectively as the “Company Securities”). There are no
outstanding obligations of the Company or any Subsidiaries to repurchase, redeem or otherwise acquire any of the Company Securities. Neither the Company nor any Subsidiaries is a party to any voting agreement with respect to the voting of any
Company Securities. Neither the Company nor any Subsidiaries has any outstanding employee share option plan, share award scheme or other equity compensation plan or arrangement. 

  
 11 

 (c) Except as set forth in this Section 3.06, none of (i) the shares, equities or
securities of the Company or (ii) Company Securities are owned by any Subsidiary of the Company. 
 Section 3.07.
Subsidiaries. 
 (a) Save for Shanghai BoGu, Beijing Miku, Jiangsu BoDe and Jinan CloverTek, the Company does not own or control,
directly or indirectly, any shares of stock or any other equity interests or securities of, or any ownership interests in, or otherwise control, any corporation, firm, partnership, joint venture, association or other entity other than the
Subsidiaries. 
 (b) Each Subsidiary has been duly incorporated and is validly existing and in good standing under the laws of the
jurisdiction of its incorporation, with all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to own its properties and conduct its business as described in the Listing Document, except in the
case of where the failure to have such corporate power or authority, or to be so licensed, or in good standing, individually or in the aggregate, has not had and would not reasonably have a Material Adverse Effect. Each Subsidiary is duly qualified
to do business in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except in the case of where the failure to have such corporate power or authority, or
to be so licensed, or in good standing, individually or in the aggregate, has not had and would not have a Material Adverse Effect; the constitutive documents of each Subsidiary complies with the requirements of applicable Laws of the jurisdiction
of its incorporation and are in full force and effect. Each Subsidiary has heretofore delivered to Parent true and complete copies of the constitutive documents of such Subsidiary. 

(c) Except as disclosed in Section 3.07 of the Company Disclosure Schedule, all of the issued and outstanding share capital of Talent
Zone, Prestige Plus, Alpha Great, Keen City, BoYuan (Hong Kong), Jiangsu BoWang, Fuzhou BoYuan and Fujian BoDong has been duly authorized and validly issued and is fully paid and nonassessable, and such share capital is owned, directly or
indirectly, by the Company free from Liens and free of any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital stock or other voting securities or ownership interests). 

  
 12 

 (d) The equity interests of Jiangsu BoDe is beneficially owned as to 51% indirectly by the
Company and 49% by DeNA Holdco as disclosed in the Listing Document. The 51% equity interests of Jiangsu BoDe indirectly owned by the Company is free from Liens and free of any other limitation or restriction (including any restriction on the right
to vote, sell or otherwise dispose of such capital stock or other voting securities or ownership interests). 
 (e) All of the issued and
outstanding share capital of I-Wave has been duly authorized and validly issued and is fully paid and nonassessable, and such share capital is owned as to 51% indirectly by the Company and 49% by GalaxyWave as disclosed in the Listing Document. The
51% equity interests of I-Wave indirectly owned by the Company is free from Liens and free of any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital stock or other voting
securities or ownership interests). 
 (f) The equity interests of Jinan CloverTek is beneficially owned as to 12% indirectly by the Company,
44.9% by 

 (Gou Zhenxing) and 43.1% by 

 (Zhao Yufang) as disclosed in the Listing Document. The 12% equity interests of Jinan CloverTek indirectly owned by the Company is free from Liens and free of any other limitation or restriction (including any
restriction on the right to vote, sell or otherwise dispose of such capital stock or other voting securities or ownership interests). 
 (g)
As of the date hereof and immediately prior to Closing, all of the equity interests of Fujian BoRui is beneficially owned by NetDragon (Fujian). Fujian BoRui is the deemed subsidiary of Fuzhou BoYuan by virtue of the Structured Contracts as
disclosed in the Listing Document. Save as contemplated under the Structured Contracts, all of the equity interests of Fujian BoRui is free from Liens and free of any other limitation or restriction (including any restriction on the right to vote,
sell or otherwise dispose of such capital stock or other voting securities or ownership interests). 
 (h) The equity interests of Shanghai
BoGu is beneficially owned as to 35%, 45%, 16% and 4% by Fujian BoRui, 

 (Shanghai Wanchen Information Technology Development Limited), 

 (Hu Lingyan) and 

 (He Bo), respectively, as disclosed in the Listing Document. The 35% equity interests of Shanghai BoGu beneficially owned by Fujian BoRui is free from Liens and free of any other limitation or restriction (including
any restriction on the right to vote, sell or otherwise dispose of such capital stock or other voting securities or ownership interests). 

(i) The equity interests of Beijing MiKu is beneficially owned as to 50% and 50% by Fujian BoRui and 

 (Beijing Dami Media Technology Ltd.), respectively, as disclosed in the Listing Document. The 50% equity interests of Beijing MiKu beneficially owned by Fujian BoRui is free from Liens and free of any other
limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital stock or other voting securities or ownership interests). 

  
 13 

 (j) Except as contemplated under the Structured Contracts, there are no issued, reserved for
issuance or outstanding (i) securities of any Group Company convertible into, or exchangeable for, shares or other voting securities of, or ownership interests in, any Group Company, (ii) warrants, calls, options or other rights to acquire
from any Group Company, or other obligations of any Group Company to issue, any shares, capital stock or other voting securities of, or ownership interests in, or any securities convertible into, or exchangeable for, any shares, capital stock or
other voting securities of, or ownership interests in, any Group Company or (iii) restricted shares, stock or share appreciation rights, performance units, contingent value rights, “phantom” stock or similar securities or rights that
are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any shares, capital stock or other voting securities of, or ownership interests in, any Group Company issued by any Group Company, or otherwise
obligations of any Group Company to issue (the items in clauses (i) through (iii) being referred to collectively as the “Company Subsidiary Securities”). There are no outstanding obligations of any Group Company to
repurchase, redeem or otherwise acquire any of the Company Subsidiary Securities. 
 Section 3.08. Structured Contracts. 

(a) As of the date hereof and immediately prior to Closing: (i) the description of the corporate structure of the Company and the Structured
Contracts as disclosed in the Listing Document is true and accurate and nothing has been omitted from such description which would make it misleading in any respect; and (i) there is no other agreement, contract or document relating to the corporate
structure or the operation of the Company and the Covered VIEs which has not been disclosed in the Listing Document. 
 (b) Each party of
the Structured Contracts has the legal right, power and authority (corporate and other, as the case may be) to enter into and perform its respective obligations under the Structured Contracts and has taken all necessary corporate action to authorize
the execution, delivery and performance of, and has authorized, executed and delivered, each of the Structured Contracts; and as of the date hereof and immediately prior to Closing, each of the Structured Contracts constitutes a valid and legally
binding obligation of the parties thereto, enforceable against such parties in accordance with its terms and the PRC Contract Law, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
Laws of general applicability affecting creditors’ rights or by equitable principles relating to enforceability. 
 (c) The execution,
delivery and performance by Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui of their respective obligations under each of the Structured Contracts do not: (i) conflict with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, any indenture, mortgage, deed of trust, lease, loan agreement or other agreement or instrument to which the Company, Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui, as the case may be, are a party or by which the
Company, Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui are bound or to which any of the properties or assets of the Company, Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui are subject; (ii) result in any violation of the provisions of
constitutive documents or business licenses of the Company, Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui, as the case may be; or (iii) result in any violation of any mandatory requirement under any PRC laws as promulgated by the National
People’s Congress or administrative regulations. Each of the Structured Contracts is in proper legal form under the PRC Law for the enforcement thereof against Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui, as the case may be, in the PRC
without further action by Fuzhou BoYuan, NetDragon (Fujian) and Fujian BoRui, as the case may be; and to ensure the legality, validity, enforceability pursuant to the PRC Contract Law or admissibility in evidence of each of the Structured Contracts
in the PRC, it is not necessary that any such document be filed or recorded with any Governmental or Regulatory authority in the PRC or in respect of any of the Structured Contracts, except as disclosed in the section headed “Structured
Contracts” of the Listing Document. 

  
 14 

 (d) As of the date hereof and immediately prior to Closing, the Company possesses, directly or
indirectly, the power to direct or cause the direction of the management and policies of Fujian BoRui, as authorized by NetDragon (Fujian) as the holder of 100% of the equity interest of Fujian BoRui to exercise its voting rights. 

(e) As of the date hereof, except as disclosed in the section headed “Structured Contracts” of the Listing Document and as disclosed
in the Company Disclosure Schedule, the contractual arrangement of the Company as described in the Listing Document does not violate or breach any mandatory requirement under any PRC laws as promulgated by the National People’s Congress or
administrative regulations, which would have a Material Adverse Effect, and to the Knowledge of the Company, has not been challenged by any Governmental or Regulatory Authority and there are no legal, arbitration, government or other legal
proceedings, pending before by any Governmental or Regulatory Authority. As of the date hereof, none of the parties to any of the Structured Contracts has sent or received any communication regarding termination of, or intention not to renew, any of
the Structured Contracts, and no such termination or non-renewal has been, to the Knowledge of the Company, threatened or is being contemplated by any of the parties thereto. 

(f) As of the date hereof and immediately prior to Closing, the Company possesses, directly or indirectly, the power to direct or cause the
direction of the management and policies of the Covered VIEs, through, among other things, its rights to direct their shareholders as to the exercise of their voting rights pursuant to the Structured Contracts. The Company is not aware of any
development (including, without limitation, developments with respect to the contractual arrangements involving the Covered VIEs and accounting policies and operations of the Covered VIEs) that could reasonably cause the Company to be unable to
consolidate the operating and financial results of any of the Covered VIEs. 

  
 15 

 Section 3.09. Financial Statements. 

(a) The audited consolidated results of the Group for each of the fiscal years ended December 31, 2011, and December 31, 2012
and the audited consolidated statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group as at December 31, 2011, and December 31, 2012 contained in the accountants’ report prepared
and signed by the Ernst & Young (the “Reporting Accountants”) delivered by the Company to Parent and Merger Sub pursuant to Section 6.02(j) (the “Audited Financial Statements”) have been prepared in
accordance with Hong Kong Financial Reporting Standards (“HKFRS”) on a consistent basis so as to give a true and fair view of state of affairs and financial position of the Group as at the dates thereof and of the results of
operations and cash flows of the Group for the applicable accounting reference period.  
 (b) The unaudited consolidated management
accounts of the Group for the 3 month period ended March 31, 2013 delivered by the Company to Parent and Merger Sub pursuant to Section 6.02(j) (the “Unaudited Management Accounts”) have been prepared in accordance with
HKFRS on a consistent basis so as to give a true and fair view of the state of affairs and financial position of the Group as at March 31, 2013 and of the results of operations and cash flows of the Group for the accounting reference period of
the 3-month period ended March 31, 2013. 
 (c) The Group has given to the Reporting Accountants all information that was reasonably
requested by the Reporting Accountants and no material information was withheld from the Reporting Accountants for the purposes of their preparation of their report contained in the Listing Document; and all information given to the Reporting
Accountants for such purposes was given in good faith after due and careful consideration and the factual contents of their report contained in the Listing Document above are true and accurate and no material fact or matter has been omitted, and the
Company does not disagree with any aspect of the reports, letters or certificates prepared by the Reporting Accountants. 

Section 3.10. Absence of Existing Defaults and Conflicts. Neither the Company nor any of the Subsidiaries is (i) in
violation of its respective memorandum and articles of association, charter or other constitutive documents, (ii) in material breach or violation of or in default (or with the giving of notice or lapse of time would be in default) under any
Governmental Authorization or (iii) in material breach or violation of or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any indenture,
loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject. 

  
 16 

 Section 3.11. Absence of Certain Changes. Except as disclosed in the Listing
Document, the negotiation, execution, delivery and performance of this Agreement, and save for the special dividends proposed to be declared to the existing Shareholders in an aggregate amount of not more than US$52,064,491.28 prior to Closing since
the end of the period covered by the latest audited financial statements included in the Listing Document, (i) the business of the Company and the Subsidiaries has been conducted in the ordinary course consistent with past practices and to the
Knowledge of the Company, there has been no development or event that would, individually or in the aggregate, result in a Material Adverse Effect on any Group Company, (ii) there has been no dividend or distribution of any kind declared, paid
or made by the Company on any class of its share capital, (iii) there has been no material adverse change in the share capital, short-term indebtedness, long-term indebtedness, net current assets or net assets of the Company and the
Subsidiaries, (iv) neither the Company nor any of the Subsidiaries has entered into any material transaction or agreement or incurred any material liability or obligation, direct or contingent, (v) neither the Company nor any of the
Subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree,
(vi) there has not been any waiver or compromise by the Company or any of the Subsidiaries of a valuable right or of a material debt owed to it, (vii) there has not been any satisfaction or discharge of any Lien, claim or encumbrance or
payment of any obligation by the Group or any of the Subsidiaries, except in the ordinary course of business and the satisfaction or discharge of which would not have a Material Adverse Effect on any Group Company, (viii) there has not been any
material change to a contract or agreement by which the Company or any of the Subsidiaries or any of their respective assets are bound or subject, (ix) there has not been any material change in any compensation arrangement or agreement with any
employee, officer, director or shareholder of the Company or any of the Subsidiaries, (x) there has not been any resignation or termination of employment of any officer or executive holding positions at the director level or above of the
Company or any of the Subsidiaries, (xi) there has not been any mortgage, pledge, transfer of a security interest in, or Lien, created by the Company or any of the Subsidiaries, with respect to any of its properties or assets, except Liens for
Taxes not yet due or payable and Liens that arise in the ordinary course of business and do not materially impair such Group Company’s ownership or use of such property or assets, (xii) there has not been any loans or guarantees made by
the Company or any of the Subsidiaries to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business,
(xiii) there has not been any declaration, setting aside or payment or other distribution in respect of any of the shares or equity securities of the Company or any of the Subsidiaries, or any direct or indirect redemption, purchase, or other
acquisition of any of such shares by the Company or any of the Subsidiaries, (xiv) there has not been any sale, assignment, license, transfer or other disposition of any Intellectual Property Rights, (xv) there has not been any receipt of
notice that there has been a loss of, or material order cancellation by, any major customer of the Company or any of the Subsidiaries, (xvi) there has not been any receipt of notice that there has been a disruption of, or material delay in, the
delivery of products by any major supplier of the Company or any of the Subsidiaries, (xvii) there has not been any other event or condition of any character, other than events affecting the economy or any Group Company’s industry
generally, that could reasonably be expected to result in a Material Adverse Effect on any Group Company, or (xviii) there has not been any arrangement or commitment by the Company or any of the Subsidiaries to do any of the things described in
this Section 3.11. 
 Section 3.12. No Undisclosed Material Liabilities. There are no liabilities of the Group of
any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances which could reasonably be expected to result in such a liability, other than:

 (a) liabilities provided for in the Unaudited Management Accounts; 

  
 17 

 (b) liabilities disclosed on Section 3.12 of the Company Disclosure Schedule; and 

(c) other undisclosed liabilities which, individually or in the aggregate, are not material to the business of the Group. 

Section 3.13. Absence of Certain Actions. 

(a) Save for the special dividend to be declared to the existing Shareholders in an aggregate amount of not more than US$52,064,491.28 prior
to Closing, and except as disclosed in sections headed “Summary”, “History, development and reorganization”, “Financial information”, “Appendix I – Accountants’ report” and “Appendix III –
Statutory and general information” of the Listing Document, none of the Group Companies has (i) declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its shares or equity
securities, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of US$500,000 or in excess of US$1,000,000 in the aggregate, other than indebtedness or any other liabilities incurred in the
ordinary course of its business , (iii) made any loans or advances to any Person, other than ordinary advances for travel expenses and other advances made in the ordinary course of its business, or (iv) sold, exchanged or otherwise
disposed of any of its assets or rights, other than the sale of its inventory or the licensing of its products in the ordinary course of business. 

(b) Except as disclosed in the section headed “Structured Contracts” of the Listing Document, none of the Group Companies is a
guarantor or indemnitor of any indebtedness of any other Person. 
 For the purposes of this Section 3.13, all indebtedness,
liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person or entity (including Persons or entities the Company has reason to believe are affiliated with that Person or entity) shall be
aggregated for the purposes of meeting the individual minimum dollar amounts of each such subsection. 
 Section 3.14. Title
to Property and Assets. None of the Group Companies owns any real property. Except as disclosed in the section headed “Structured Contracts” of the Listing Document, each lease, sublease or license (each, a
“Lease”) under which the Company or any Subsidiary leases, subleases or licenses any real property (the “Leased Real Property”) is in full force and effect, valid and effective in
accordance with their respective terms, and there is not, under any Lease any existing material default or event of default (or event which, with notice or lapse of time, or both, would constitute a default) by the Company or any Subsidiary or, to
the Knowledge of the Company, by the other party to such Lease, except in each case, as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on any Group Company. Except as disclosed in the section
headed “Business” of the Listing Document, each of the Company and the Subsidiaries has good and valid leasehold or subleasehold interests in each parcel of the Leased Real Property, free and clear of any Liens other than Permitted Liens,
except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on any Group Company. 

  
 18 

 Section 3.15. Insurance. The Company maintains insurance covering its properties and
personnel and the properties and personnel of its Subsidiaries as the Company reasonably deems adequate. Such insurance insures against such losses and risks to an extent which is adequate to protect the Company and the Subsidiaries and their
respective businesses and are of the type and in amounts customarily carried by Persons conducting business similar to the business conducted by the Company and the Subsidiaries. All premiums payable under all such policies have been timely paid and
any Group Company has otherwise complied fully with the terms and conditions of all such policies. All such insurance is fully in force on the date hereof and will be fully in force at Closing. Neither the Company nor any of the Subsidiaries has any
reason to believe that it will not be able to renew any such insurance as and when such insurance expires; and there is no insurance claim made by or against the Company or any of the Subsidiaries, pending, outstanding, or to the Company’s
Knowledge, threatened, and no facts or circumstances exist which would reasonably be expected to give rise to any such claim and all due premiums in respect thereof have been paid. Section 3.15 of the Company Disclosure Schedule contains a list
of all insurance policies covering properties and personnel of the Group and the Company has furnished to Parent true and complete copies of all such insurance policies. 

Section 3.16. Licenses and Permits. Except as set forth in Section 3.16 of the Company Disclosure Schedule and the section
headed “Regulation” of the Listing Document, the Company and the Subsidiaries possess, and are in compliance with the terms of, all certificates, authorizations, franchises, licenses, permits and all other similar authorization and have
made all declarations and filings with, the appropriate domestic or foreign Governmental or Regulatory Authority (collectively, the “Licenses”) necessary or material to the conduct of the business now conducted or proposed as
described in the Listing Document to be conducted by them. All approvals of, and filings and registrations and other requisite formalities with Governmental or Regulatory Authorities in the PRC required to be made by the Company or the Subsidiaries
in respect of the Company and the Subsidiaries and their capital structure and operations, including but not limited to registrations with the State Administration for Industry and Commerce, the State Administration of Foreign Exchange and the State
Administration of Taxation, and their respective local counterparts, have been duly completed in accordance with applicable PRC Law. The Licenses are valid and in full force and effect and no suspension or cancellation of any of the License is
pending. No Group Company has received any notice of proceedings relating to the revocation or modification of any Licenses. No Group Company is in default under, and no condition exists that with notice or lapse of time or both would constitute a
default under, the Licenses. Except as disclosed in the section headed “Business” of the Listing Document, none of the Licenses will be terminated or impaired or become terminable, in whole or in part, as a result of the Transactions. 

  
 19 

 Section 3.17. Litigation. 

(a) Except as disclosed in the Listing Document, there are no pending actions, suits, claims, demand letters, arbitration or any judicial,
criminal, administrative or regulatory proceeding, hearing, investigation, or formal or informal regulatory document production request proceeding (including any inquiries or investigations by any Governmental or Regulatory Authority) (an
“Action”) against or affecting the Company, any of the Subsidiaries or any of their respective directors or properties, or to the Knowledge of the Company, their respective officers or employees, that, if determined adversely to the
Company or any of the Subsidiaries or any of their respective directors, properties, officers or employees, would individually or in the aggregate have a Material Adverse Effect on any Group Company; and to the Knowledge of the Company, no such
Actions are threatened or contemplated and there are no circumstances likely to give rise to any such Actions. 
 (b) No Group Company is a
party to a joint venture or shareholders’ agreement which is in dispute with the other parties to such joint venture or shareholders’ agreement and to the Knowledge of the Company, there are no circumstances which may give rise to any
dispute or affect the relevant Group Company’s relationship with such other parties which might be expected to have an adverse effect on such joint venture or company or its business or finances. 

(c) There is no (i) Action by any Group Company pending or which any Group Company intends to initiate, or (ii) disputes with or
claims against any Governmental or Regulatory Authority whether in respect of Taxes, fines, penalties, administrative action, or otherwise. 

Section 3.18. Intellectual Property. 

(a) Section 3.18(a) of the Company Disclosure Schedule contains (i) a list that is complete and correct as of the date of this
Agreement of all the registrations and applications for registrations included in the Group Company Intellectual Property, and (ii) a list that is complete and correct as of the date of this Agreement of all Group Company Software, other than
non-material Group Company Software, the absence of which will not affect the operations of the business of the Group. 
 (b) The Group
Companies have valid, enforceable and sufficient licenses to use all Group Company Intellectual Property, in each case, free and clear of Liens, other than Permitted Liens. Except as disclosed in Section 3.18(a) of the Company Disclosure
Schedule, the Group Companies are the sole and exclusive owners of all material Group Company Intellectual Property owned, or purported to be owned by the Group Companies, and the Group Companies own such Intellectual Property Rights free and clear
of all Liens, other than Permitted Liens. There exist no material restrictions on the disclosure, use, license or transfer of the Group Company Intellectual Property. The consummation of the transactions contemplated by the Transaction Documents
will not alter, encumber, impair or extinguish any Group Company Intellectual Property. 

  
 20 

 (c) No Group Company has an outstanding indemnity obligation to any Person related to any Group
Company Intellectual Property Rights. None of the Group Company Intellectual Property has been adjudged invalid or unenforceable in whole or part, and, to the Knowledge of the Company, all such Group Company Intellectual Property is valid and
enforceable. 
 (d) To the Knowledge of the Company, no Person has infringed, misappropriated or otherwise violated any Group Company
Intellectual Property. Each Group Company has taken reasonable steps in accordance with normal industry practice to maintain the confidentiality of all Group Company Intellectual Property the value of which is contingent upon maintaining the
confidentiality thereof and no such Group Company Intellectual Property has been disclosed other than to Parent and to Representatives of the Company all of whom are bound by written confidentiality agreements. 

(e) Except as set forth in the section headed “Business” of the Listing Document, and to the Knowledge of the Company, no Group
Company has infringed, misappropriated or otherwise violated, or is infringing, misappropriating or otherwise violating any Intellectual Property Right of any third party. Except as disclosed in the section headed “Business” of the Listing
Document, there is no claim, action, suit, investigation or proceeding pending against, or to the Knowledge of the Company threatened in writing against or affecting, any Group Company or any present or former officer, director or employee thereof
(i) based upon, or challenging or seeking to deny or restrict, the rights of any Group Company in any of the Group Company Intellectual Property, (ii) alleging that the use of the Group Company Intellectual Property or any services
provided, processes used or products manufactured, used, distributed, imported or sold with respect to the business of the Group do or may conflict with, misappropriate, infringe or otherwise violate any Intellectual Property Right of any third
party or (iii) alleging that any Group Company has infringed, misappropriated or otherwise violated any Intellectual Property Rights of any third party. Except as disclosed in the sections headed “Business”, “Connected
transactions” and “Appendix III – Statutory and general information” of the Listing Document, no Group Company has received from any third party an offer to license any Intellectual Property Rights of such third party for use in
the business of the Group. 
 (f) Except as disclosed in the section headed “Business” of the Listing Document, the Group
Companies own or have valid, enforceable and sufficient licenses to use all Intellectual Property Rights necessary to, or used or held for use in, the conduct of the business of the Group Companies as currently conducted. 

(g) None of 91 Assistant, HiMarket, 91 Panda Reader and 91 Launcher made available by the Group has infringed, misappropriated, violated or
otherwise conflicted with, or infringes, misappropriates, violates or otherwise conflicts with, any rights (including Intellectual Property Rights) or policies of any third party or any contracts or other agreements between any Group Company and any
third party, including any mobile phone or Software developer or provider. 

  
 21 

 (h) In each case where a patent or patent application, trademark registration or trademark
application, service mark registration or service mark application, or copyright registration or copyright application included in the Group Company Intellectual Property is held by assignment, the assignment has been duly recorded with the
Governmental or Regulatory Authority from which the patent or registration issued or before which the application or application for registration is pending. Each Group Company has taken all reasonable actions to maintain and protect the Group
Company Intellectual Property, including payment of applicable maintenance fees and filing of applicable statements of use. 
 (i) To the
Knowledge of the Company, except as disclosed under the section headed “Statement of Business Objectives and Strategies” of the Listing Document, there are no defects in any of the Group Company Software that would prevent such Group
Company Software from performing in all material respects the functions for which such Group Company Software was designed, and there are no viruses, worms, Trojan horses or similar programs in any of the Group Company Software. To the Knowledge of
the Company, none of the Group Company Software contains any software code that is licensed under any terms or conditions that require that any software be (i) made available or distributed in source code form, (ii) licensed for the
purpose of making derivative works, (iii) licensed under terms that allow reverse engineering, reverse assembly or disassembly of any kind or (iv) redistributable at no charge. 

(j) Each Group Company has taken reasonable steps in accordance with normal industry practice to preserve and maintain reasonably complete
notes and records relating to the Group Company Intellectual Property. 
 (k) With respect to pending applications and applications for
registration of Group Company Intellectual Property that, to the Knowledge of the Company, no Group Company is aware of any reason that could reasonably be expected to prevent any such application or application for registration from being granted
with coverage substantially equivalent to the latest amended version of the pending application or application for registration. None of the trademarks, service marks, applications for trademarks and applications for service marks included in the
Group Company Intellectual Property has been the subject of an opposition or cancellation procedure. None of the patents and patent applications included in the Group Company Intellectual Property has been the subject of an interference, protest,
public use proceeding or third party reexamination request. 
 (l) The Group Company IT Assets operate and perform in a manner sufficient
for the conduct of the business of the Group Companies as currently conducted and as proposed to be conducted. The Group Companies have taken commercially reasonable actions, consistent with industry standards, to protect the confidentiality,
integrity and security of the Group Company IT Assets (and all information, data and content stored or contained therein or transmitted thereby) against any unauthorized use, access, interruption, modification or corruption, including the
implementation of commercially reasonable (i) data backup, (ii) disaster avoidance and recovery procedures and (iii) business continuity procedures, in each case, consistent with industry standards. 

  
 22 

 (m) The Group Companies have at all times complied with all applicable Laws in material respects
relating to privacy, data protection and the collection and use of personal information and user information gathered or accessed in the course of its business and operations. The Group Companies have at all times complied with all rules, policies
and procedures established by the Group Companies and their third party partners from time to time with respect to the foregoing. No material claims have been asserted or, to the Knowledge of the Company, threatened against the Group Companies by
any person alleging a violation of such person’s privacy, personal or confidentiality rights under any such applicable Laws, regulations, rules, policies or procedures. To the Knowledge of the Company, there has been no unauthorized access to
or other misuse of any such information. 
 Section 3.19. Material Contracts. 

(a) Section 3.19(a) of the Company Disclosure Schedule sets forth a list that is complete and correct in all material respects as of the
date of this Agreement of Material Contracts. For purposes hereof, “Material Contract” means any agreement, written or otherwise (other than the Transaction Documents), to which a Group Company is a party or otherwise bound that:

  

	 	(i)	cannot be terminated on less than one-hundred-and-eighty (180) -day notice; 

  

	 	(ii)	involves payments (or a series of payments), contingent or otherwise, of RMB10,000,000 (or the equivalent thereof in another currency) or more individually or in the aggregate with respect to a series of related
agreements, in cash, property or services by or to any Group Company; 

  

	 	(iii)	is with a Governmental or Regulatory Authority; 

  

	 	(iv)	materially limits or materially restricts any Group Company’s ability to compete or otherwise conduct its business as now conducted and as presently proposed to be conducted in any manner, time or place, or that
contains any exclusivity provision; 

  

	 	(v)	grants a power of attorney, agency or similar authority; 

  

	 	(vi)	other than solely among wholly owned Subsidiaries, relates to indebtedness for money borrowed having an outstanding principal amount in excess of RMB10,000,000 (or the equivalent thereof in another currency), provides
for an extension of credit, provides for indemnification or any guaranty, or provides for a “keep well” or other agreement to maintain any financial statement condition of another Person for an aggregate amount in excess of RMB10,000,000
(or the equivalent thereof in another currency); 

  
 23 

	 	(vii)	(A) includes a license of Intellectual Property Rights, other than “shrink-wrap” or “off-the-shelf” software commercially available on non-discriminating pricing terms, (B) is with any
independent firms, consultants, or contractors for product research and development requiring an investment by the Company in excess of RMB10,000,000 (or the equivalent thereof in another currency), (C) relates to any purchases or other
acquisitions of Intellectual Property Rights by any Group Company in the amount in excess of RMB10,000,000 (or the equivalent thereof in another currency), including documentation of all assignments or transfers of rights by the founders and
predecessors thereof, or (D) is a disaster recovery program or service agreement related thereto; 

  

	 	(viii)	is with an affiliate of any Group Company (other than a Group Company) that is material to the Company with payment obligations in excess of RMB10,000,000; 

 

	 	(ix)	is a lease on (A) personal property, including operating leases, for annual payment of RMB10,000,000 or more or (B) for real property with a valuation in excess of RMB10,000,000; 

 

	 	(x)	is an insurance policy; 

  

	 	(xi)	other than solely between wholly owned Subsidiaries, grants the right to manufacture, produce, assemble, market or sells its products to any other Person or affect the exclusive right of the Group Company to develop,
manufacture, assemble, distribute, market or sell its products; 

  

	 	(xii)	other than solely between wholly owned Subsidiaries, contains any outstanding guarantee or warranty obligations of any Group Company with an indemnity amount in excess of RMB10,000,000; 

 

	 	(xiii)	(A) relates to acquisitions or dispositions of business (including spin-offs), restructurings or reorganizations, including any disclosure schedules attached to such agreements, amounts involved is in excess of
RMB10,000,000, if any, (B) is with a financial advisor, if any, or (C) is a joint venture, partnership or similar agreement, if any; 

  

	 	(xiv)	will be terminated or varies upon a change of control of any Group Company, or will subject any Group Company’s participation in the transactions contemplated by the Transaction Documents to the consent of any
third party; 

  

	 	(xv)	any option, license, franchise or similar agreement with an amount which is in excess of RMB10,000,000; 

  

	 	(xvi)	contains any agency, dealer, sales representative, marketing or other similar agreement with an amount which is in excess of RMB10,000,000; or 

 

	 	(xvii)	is otherwise material to any Group Company or is an agreement on which any Group Company is substantially dependent. 

  
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 (b) A true, fully-executed copy of each Material Contract (and a written summary of each
non-written Material Contract) has been made available to Parent. To the Company’s Knowledge, each Material Contract is a valid and binding agreement of the Group Company that is a party thereto, the performance of which does not and will not
violate any applicable Law or Order, and is in full force and effect, and such Group Company has duly performed all of its obligations under each Material Contract to the extent that such obligations to perform have accrued, and, to the
Company’s Knowledge, no breach or default, alleged breach or alleged default, or event which would (with the passage of time, notice or both) constitute a breach or default thereunder by such Group Company or any other party or obligor with
respect thereto, has occurred, or as a result of the Transaction Documents or performance hereof will occur, except for such breach or default which, by itself or together with other breach or default, does not and will not have a Material Adverse
Effect. No Group Company has given notice (whether or not written) that it intends to terminate a Material Contract or to the Knowledge of the Company that any other party thereto has breached, violated or defaulted under any Material Contract. No
Group Company has received any notice (whether or not written) that (i) it has breached, violated or defaulted under any Material Contract or (ii) any other party thereto intends to terminate such Material Contract. 

Section 3.20. Related Party Transactions. Other than (i) standard employee benefits generally made available to all
employees, (ii) standard director and officer indemnification agreements approved by the Company Board, (iii) the purchase of shares of the Company, in each instance, approved by the Company Board, and (iv) as disclosed in the
sections headed “Waiver from strict compliance with the GEM Listing Rules”, “Structured contracts”, “Connected transactions” and “Appendix III- Statutory and general information” of the Listing Document, there
are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, shareholders, affiliates, or any affiliate thereof. To the Knowledge of the Company and except as disclosed in the sections headed
“Business”, “Relationship with controlling shareholders and non-competition undertakings”, “Financial information” and “Appendix I – Accountants’ report” of the Listing Document, no Related Party has
any direct or indirect interest in any Person with which a Group Company is affiliated or with which a Group Company has a material business relationship (including any Person which purchases from or sells, licenses or furnishes to a Group Company
any goods, Intellectual Property Rights or other property rights or services) or in any contract to which a Group Company is a party or by which it may be bound or affected, and no Related Party directly or indirectly competes with or has any
interest in any Person that directly or indirectly competes with any Group Company (other than ownership of less than one percent (1%) of the stock of publicly traded companies). 

Section 3.21. Employees; Employee Benefits. Except as disclosed in the Listing Document, neither the Company nor any of the
Subsidiaries has any material obligation to provide or has not made the required payment for retirement, healthcare, death or disability benefits to any of the present or past employees of the Company or any of the Subsidiaries, or to any other
Person. Section 3.21 of the Company Disclosure Schedule sets forth a true and complete list of the names and titles of all employees of the Group as of the date of this Agreement. To the Knowledge of the Company, as of the date hereof, none of
the Key Employees has given written notice to any Group Company of his or her intent to resign or retire as a result of the transactions contemplated by this Agreement or the Transaction Documents. 

  
 25 

 Section 3.22. Labour Agreements; Absence of Labour Dispute and Actions. None of the
Group Companies is bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and, to the Company’s Knowledge, no
labor union has requested or has sought to represent any of the Representatives of any Group Company which could have a Material Adverse Effect. There is no strike or other labor dispute involving any Group Company pending or, to the Knowledge of
the Company, threatened which could have a Material Adverse Effect, nor is any Group Company aware of any labor organization activity involving its employees. Each Group Company has complied in all material respects with all applicable employment
Laws and with other applicable Laws related to employment or employment practices, including but not limited to those related to wages, work hours, shifts, overtime, Social Security Benefits, holiday and leave collective bargaining terms and
conditions of employment. No employee of any Group Company has been granted the right to continued employment by such Group Company or to any compensation following termination of employment with such Group Company. To the Knowledge of the Company,
as at the date hereof, no officer at director level or above and Key Employee or group of employees has given written notice to the Company to terminate his, her or their employment with any Group Company, nor does any Group Company have a present
intention to terminate the employment of any officer at director level or above, Key Employee or group of employees. None of the Group Companies has made any representations regarding equity incentives to any officer, employees, director or
consultant that are inconsistent as set forth in the Listing Document. None of the Group Companies had any employee whose employment was terminated and who has not entered into an agreement with such Group Company providing for the full release of
any claims against such Group Company or any officer, director, employee or other related party of any Group Company arising out of such employment. 

Section 3.23. Proprietary Information, Invention Assignment and Non-Competition Agreement. Each Key Employee has executed an
agreement with the Group Company regarding proprietary information, assignment of inventions and non-competition substantially in the form or forms delivered to the counsel for Parent. To the Knowledge of the Company, none of the Key Employees is in
violation thereof. 
 Section 3.24. Environmental Laws. The operations of the Company and the Subsidiaries do not involve the
use, disposal or release of hazardous or toxic substances or the protection or restoration of the environment or human exposure to hazardous or toxic substances. Neither the Company nor any of the Subsidiaries has been penalized by Governmental
Authorities for violation of any applicable environmental Law or Order related thereto. 

  
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 Section 3.25. Taxes. 

(a) Except as disclosed in Section 3.25(a) of the Company Disclosure Schedule, all Tax Returns that are required to be filed by any Group
Company have been filed when due in accordance with all applicable Laws and such Tax Returns were true and complete in all material respects. None of the Group Companies has granted any extension or waiver of the statute of limitations period
applicable to any Tax Return, which period (after giving effect to such extension or waiver) has not yet expired. 
 (b) Except as disclosed
in Section 3.25(a) of the Company Disclosure Schedule, all Taxes that are due and payable under any applicable Law have been timely paid, or withheld and remitted, to the appropriate Governmental or Regulatory Authority or Tax authority. 

(c) The charges, accruals and reserves for Taxes reflected on any Group Company’s books are adequate to cover material Tax liabilities
accruing through the end of the last period for which the relevant Group Company ordinarily records items on its books and have been provided for in accordance with HKFRS, and since the end of the last period for which any Group Company ordinarily
records items on its books, none of the Group Companies has engaged in any transaction, or taken any other action, other than in the ordinary course of business, that would materially impact any Tax Asset or Tax liability of any Group Company. 

(d) There is no claim, audit, action, suit, proceeding or investigation now pending or to the Knowledge of the Company threatened against or
with respect to any Group Company in respect of any Tax or Tax Asset. To the Knowledge of the Company, no adjustment that would increase the Tax liability or reduce any Tax Asset of any Group Company had been proposed or made by a Governmental or
Regulatory Authority or Tax authority which could reasonably be expected to be threatened, proposed or made in an audit of any Tax period ending on or following Closing. 

(e) The Subsidiaries located in the PRC have, in accordance with applicable PRC Law, duly registered with the relevant PRC Governmental or
Regulatory Authority, obtained and maintained the validity of all national and local Tax registration certificates and complied with all requirements in all material respects imposed by such Governmental or Regulatory Authorities. Any submissions
made on behalf of the Company or any Subsidiary to any Governmental or Regulatory Authority in connection with obtaining Tax exemptions, Tax holidays, Tax deferrals, Tax incentives or other preferential Tax treatments or Tax rebates were accurate
and complete in all material respects. As of the date hereof, no suspension, revocation or cancellation of any Tax exemptions, preferential treatments or rebates is pending or, to the Knowledge of the Company, threatened. 

(f) To the Knowledge of the Company, no claim has been made by any Governmental or Regulatory Authority (including any Tax authority) that any
Group Company is or may be subject to taxation by, or required to file any Tax Return in, a jurisdiction other than the jurisdiction under the laws of which such Group Company is organized. 

  
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 (g) No Group Company has been a member of an affiliated, consolidated, combined or unitary Tax
group, or participated in any arrangement whereby any Tax liability or any Tax Asset of any Group Company was determined or taken into account for Tax purposes with reference to or in conjunction with any Tax liability or any Tax Asset of any other
Person. 
 (h) Section 3.25(h) of the Company Disclosure Schedule contains a list of each Tax exemption, Tax holiday or reduced Tax
rate (“Tax Grant”) granted by any Governmental or Regulatory Authority (including any Tax authority) with respect to any Group Company. Each Group Company that was granted a Tax Grant has complied with the conditions stipulated in
each Tax Grant. 
 Section 3.26. Compliance with Laws and Court Orders. Each Group Company is not in violation of, has not since
its incorporation violated, and to the Knowledge of the Company, the Company is not under investigation with respect to and has not been threatened in writing to be charged with or given notice of any material violation of, any applicable Law. There
is no judgment, decree, injunction, rule or order of any arbitrator or Governmental or Regulatory Authority outstanding against any Group Company that has had or would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect on any Group Company or that in any manner seeks to prevent, enjoin, alter or materially delay the consummation of the Transactions. 

Section 3.27. Business Practices. Neither the Company nor any of the Subsidiaries or affiliates, nor any director, officer, or
employee of the Company or any of the Subsidiaries and affiliates, nor, to the Company’s Knowledge, any Representative of the Company or of any of the Subsidiaries acting on the behalf of the Company or any of the Subsidiaries, has taken or
will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official”
(including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office) to influence official action or secure an improper advantage. The Company and the Subsidiaries have conducted their businesses in compliance with applicable anti-corruption Laws and have instituted
and maintain and will continue to maintain policies and procedures designed to promote and achieve compliance with such applicable Laws and with the representation and warranty contained herein. 

Section 3.28. Compliance with Anti-Money Laundering Laws. The operations of the Company and the Subsidiaries are and have been
conducted in compliance with all applicable financial recordkeeping and reporting requirements, and the applicable anti-money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any Governmental or Regulatory Authority (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any Governmental or Regulatory
Authority or any arbitrator involving the Company or any of the Subsidiaries with respect to the applicable Anti-Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. 

  
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 Section 3.29. Products. Each of 91 Assistant, HiMarket, 91 Panda Reader and 91
Launcher made available by the Group has been, (i) in compliance in all material respects with all applicable Laws, and (ii) fit for the ordinary purposes for which it is intended to be used and conforms in all material respects to any
promises or affirmations of fact made in the description or introduction for such product or in connection with its publication, distribution, sale or offer for sale. 

Section 3.30. Customers and Suppliers. Section 3.30 of the Company Disclosure Schedule lists (a) five (5) largest
customers of the Company and its Subsidiaries (determined on the basis of aggregate revenues recognized by the Company and its Subsidiaries over the fiscal year ended December 31, 2012) (each, a “Major Customer”), and
(b) five (5) largest suppliers of the Company and its Subsidiaries (determined on the basis of aggregate purchases made by the Company and its Subsidiaries over the fiscal year ended December 31, 2012) (each, a “Major
Supplier”). Neither the Company nor any of its Subsidiaries has received, as of the date hereof, any written notice or communication from any Major Customer or Major Supplier that it intends to terminate, or not renew, its relationship with
the Company or such Subsidiary. 
 Section 3.31. Insolvency; Winding Up. No order or petition has been presented or resolution
passed for the administration, winding-up, dissolution or liquidation of any Group Company and no administrator, receiver or manager has been appointed in respect thereof. No Group Company has commenced any other proceeding under any bankruptcy,
reorganization, dissolution, insolvency, liquidation or similar applicable Law of any jurisdiction and no such proceedings have been commenced against such Group Company. 

Section 3.32. Anti-Takeover Provisions. The Company is not party to a shareholder rights agreement, “poison pill” or
similar agreement or plan. To the Knowledge of the Company, no takeover, anti-takeover, moratorium, “fair price”, “control share” or other similar Laws enacted under any Law applicable to the Company applies, and will apply, to
this Agreement or the Transactions other than the CICL. 
 Section 3.33. Finder’s Fee. There is no investment banker,
broker, finder or other intermediary which has been retained by or is authorized to act on behalf of the Company or the Subsidiaries who might be entitled to any fee or commission in connection with the Transactions. 

Section 3.34. Accuracy of Listing Document. The Listing Document and the information supplied by the Company for inclusion or
incorporation by reference in the Listing Document do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they are made, not
misleading or which are material for disclosure therein. All expressions of opinion or intention therein are made on reasonable grounds or, where appropriate, reasonable assumptions and are truly and honestly held and there are no other material
facts the omission of disclosure therein of which would make any such statement or expression misleading. 

  
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 Section 3.35. Selling Documents. None of the documents or information delivered to
Parent by the Group Companies and its respective Representatives in connection with the Transactions as a whole and with due regard to the respective dates thereof contains any untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements contained therein not misleading. Each Group Company has furnished or otherwise made available to Parent any and all material information (financial, operational or other) and documents, failure to provide
which to Parent could reasonably be expected to cause Parent unwilling to execute, deliver and perform this Agreement and the Transaction Documents or to consummate the Transactions pursuant to current terms and conditions herein or therein or would
defeat the business rationale of Parent to enter into this Agreement or any Transaction Document and to consummate the Transactions. 

Section 3.36. Representations. The representations and warranties of the Company contained in this Agreement are true and correct.

 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF PARENT 

Parent represents and warrants to the Company, as of the date hereof and as of Closing as follows: 

Section 4.01. Corporate Existence and Power. Each of Parent and Merger Sub is a corporation duly incorporated, validly existing
and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. Merger
Sub is qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires qualification, except where the failure
to be so organized, validly existing, qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 4.02. Corporate Authorization. The execution, delivery and performance by each of Parent and Merger Sub of this Agreement
and the consummation of the Transactions are within the corporate powers of Parent and Merger Sub, as applicable and have been duly authorized by all necessary corporate action on the part of Parent or Merger Sub, as applicable. This Agreement when
executed and delivered by Parent or Merger Sub in accordance with the terms thereof constitutes and will constitute a valid and binding agreement of Parent and Merger Sub and enforceable against them respectively in accordance with its terms
(subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity. 

  
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 Section 4.03. Governmental Authorization. The execution, delivery and performance by
Parent and Merger Sub of this Agreement and the consummation of the Transactions require no material consent, approval, authorization, action by or permit of or in respect of, or material filing with, any Governmental or Regulatory Authority by
either Parent or Merger Sub, except for the filing of the Plan of Merger and related documentation with the Registrar of Companies of the Cayman Islands pursuant to the CICL, and for the Requisite Regulatory Approvals. 

Section 4.04. Noncontravention. The execution, delivery and performance by Parent and Merger of this Agreement and the
consummation of the Transactions do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the memorandum and articles of association or any equivalent constitutive documents of either Parent or
Merger Sub, (ii) assuming compliance with the matters referred to in this Section 4.04, contravene, conflict with or result in a violation or breach of any provision of any applicable Law, (iii) require any consent or other action by
any Person under, constitute a default, or an event that, with or without notice or lapse of time or both, would constitute a default, under any provision of any agreement or other instrument binding thereupon, or (iv) result in the creation or
imposition of any Lien on any asset of either Parent or Merger Sub, with only such exceptions, in the case of each of clauses (ii) through (iv), as have not and would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect on either Parent or Merger Sub. 
 Section 4.05. Financing. Parent has, or will have at the Effective
Time, sufficient cash, available lines of credit or other sources of immediately available funds to enable it to make payment of Merger Consideration. Both Parent and Merger Sub are able to pay its debts as and when they fall due, and each of them
is expected to be able to do so for a period of 12 months after the Effective Time. 
 Section 4.06. Litigation. There is no
Action against or affecting Parent or Merger Sub seeking to prohibit or materially delaying the Transaction including the Merger, and to the Knowledge of Parent or Merger Sub, no such Actions are threatened or contemplated and there are no
circumstances likely to give rise to any such Actions. 
 Section 4.07. Finders’ Fees. There is no investment banker,
broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Parent who might be entitled to any fee or commission in connection with the Transactions. 

  
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 ARTICLE 5 

CONDUCT OF BUSINESS PENDING THE MERGER 

Section 5.01. Conduct of Business by the Company Pending the Merger. (a) The Company agrees that, between the date of this
Agreement and the Effective Time, except as required by applicable Law or as expressly contemplated by any other provision of this Agreement, unless Parent shall otherwise consent in writing: 

 

	 	(i)	the businesses of the Company and its Subsidiaries shall be conducted only in, and the Company and its Subsidiaries shall not take any action except in, the ordinary course of business and in the same general nature,
taken as a whole, as the date hereof; 

  

	 	(ii)	the Company shall and shall procure its Subsidiaries and/or NetDragon Cayman to maintain in force all existing insurance policies (if any) on the same terms and level of cover prevailing at the date of this Agreement
for the benefit of the Company and its Subsidiaries; 

  

	 	(iii)	the Company shall and shall procure its Subsidiaries and/or NetDragon Cayman to make all insurance claims in relation to the Company and its Subsidiaries promptly subject to consistency with the Company’s past
practices and in accordance with the requirements of the relevant policy; and 

  

	 	(iv)	the Company shall use its reasonable best efforts to preserve substantially intact the business organization of the Company and its Subsidiaries, to keep available the services of the current officers, employees, and
consultants and contractors of the Company and its Subsidiaries, who are integral to the operation of their businesses as presently conducted and to maintain satisfactory relationships of the Company and the Subsidiaries with Governmental or
Regulatory Authorities, customers and suppliers, and any other persons with which the Company or any of its Subsidiaries has relations that are material to the Company and its Subsidiaries, taken as a whole, provided however that the Company is not
required to pay additional amounts that are of the extraordinary nature to keep available the services of its officers and employees and the officers and employees of the Subsidiaries. 

By way of amplification and not limitation, except as expressly contemplated by any other provision of this Agreement or as required by
applicable Law, the Company will not, and will not permit any of its Subsidiaries to, between the date of this Agreement and the Effective Time, directly or indirectly, do, or propose to do, any of the following without the prior written consent of
Parent (which consent shall not be unreasonably withheld): 
 (b) amend or otherwise change the memorandum and articles of association or
equivalent organizational documents of the Company or any Subsidiary; 
 (c) issue, sell, transfer, lease, sublease, license, pledge,
dispose of, grant or encumber, or authorize the issuance, sale, transfer, lease, sublease, license, pledge, disposition, grant or encumbrance of, (i) any shares of any class of the Company or any Subsidiary, or any options, warrants,
convertible securities or other rights of any kind to acquire any shares, or any other ownership interest (including, without limitation, any phantom interest), of the Company or any Subsidiary, or (ii) any property or assets (whether real,
personal or mixed, and including leasehold interests and intangible property) of (x) any Subsidiary except in the ordinary course of business consistent with past practice or (y) directly held by the Company (including shares or other
securities of any Subsidiary); 

  
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 (d) Save for the special dividends to be declared to the existing Shareholders in an aggregate
amount of not more than US$52,064,491.28 prior to Closing, declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its shares, other than dividends or other
distributions from any Subsidiary of the Company to the Company or another Subsidiary of the Company; 
 (e) reclassify, combine, split,
subdivide, repurchase or redeem, or purchase or otherwise acquire, directly or indirectly, any of its shares, or any options, warrants, convertible securities or other rights exchangeable into or convertible or exercisable for any of its shares, or
any of its loan capital; 
 (f) effect or commence any liquidation, dissolution, scheme of arrangement, merger, consolidation, amalgamation,
restructuring, reorganization or similar transaction involving the Company or any of its Subsidiaries (other than the Merger or any merger or consolidation among wholly owned Subsidiaries of the Company), or create any new Subsidiaries; 

(g) enter into, or propose to enter into, any transaction involving any earn-out, installment or similar payment payable by the Company or any
Subsidiary of the Company, to any Third Party, other than payments in connection with purchases of vehicles, plant, equipment, supplies or computers in the ordinary course of business; 

(h) (i) acquire (including, without limitation, by merger, consolidation, scheme of arrangement, amalgamation or acquisition of stock or
assets or any other business combination) or make any capital contribution or investment in any corporation, partnership, other business organization or any division thereof or acquire any significant amount of assets; 

 

	 	(ii)	incur, assume, alter, amend or modify any Indebtedness, or guarantee such Indebtedness, or issue any debt securities or make any loans or advances, except for (x) trade payables incurred in the ordinary course of
business; (y) debt entered into in the ordinary course of business consistent with past practice not to exceed US$500,000; and (z) Indebtedness for borrowed money among the Company and its wholly owned Subsidiaries or among the
Company’s wholly owned Subsidiaries; 

  

	 	(iii)	create or grant any Lien on any assets of any Subsidiaries of the Company other than Permitted Liens; except in each case for Liens not exceeding US$500,000 individually or US$1,000,000 in the aggregate;

  
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	 	(iv)	authorize, or make any commitment with respect to, any capital expenditures which are, in the aggregate, in excess of US$1,000,000 for the Company and the Subsidiaries taken as a whole; or 

 

	 	(v)	guarantee the performance or other obligations of any Person except for Subsidiaries that are wholly-owned by the Company; 

(i) except as otherwise required by Law or pursuant to any Contract or terms and conditions of any Company Employee Plan in existence as of
the date hereof, (A) enter into any new employment or compensatory agreements in connection with employment (including the renewal of any such agreements), or terminate or materially amend any such agreements, with any director, officer,
employee or consultant of the Company or any of its Subsidiaries with annual base compensation in excess of US$200,000 (or its equivalent in other currencies), (B) grant or provide any severance or termination payments or benefits to any
director, officer, employee or consultant of the Company or any of its Subsidiaries with annual base compensation in excess of US$200,000 (or its equivalent in other currencies), (C) materially increase the compensation, bonus or pension,
welfare, severance or other benefits of, pay any bonus to, or make any new equity awards to any director, officer, employee or consultant of the Company or any of its Subsidiaries with annual base compensation in excess of US$200,000 (or its
equivalent in other currencies), other than in the ordinary course, including as a part of the Company’s annual compensation review or increases for commissions, (D) establish, adopt, amend or terminate any Company Employee Plan,
(E) materially change any actuarial or other assumptions used to calculate funding obligations with respect to any Company Employee Plan or to change the manner in which contributions to such plans are made or the basis on which such
contributions are determined, except as may be required by HKFRS, or (F) forgive any loans to directors, officers or employees of the Company or any of its Subsidiaries; 

(j) make any material changes with respect to any method of financial accounting, or financial accounting policies or procedures, including
material changes affecting the reported consolidated assets, liabilities or results of operations of the Company and its Subsidiaries, except as required by changes in HKFRS or applicable Law; 

(k) enter into, or materially amend or modify, or consent to the termination of any Material Contract (or any Contract that would be a
Material Contract if such Contract had been entered into prior to the date hereof), or amend, waive, modify or consent to the termination of the Company’s or any Subsidiary’s material rights thereunder; 

(l) enter into any Contract between the Company or any Subsidiary, on the one hand, and any of their respective directors or executive
officers, on the other hand; 
 (m) terminate or cancel, let lapse, or amend or modify in any material respect, other than renewals in the
ordinary course of business, any material insurance policies maintained by it which is not promptly replaced by a comparable amount of insurance coverage with reputable independent insurance companies or underwriters; 

  
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 (n) commence any material Action (other than in respect of collection of amounts owed in the
ordinary course of business), or settle any material Action naming the Company, any of the Subsidiaries and/or any of their directors or officers; 

(o) engage in the conduct of any new line of business material to the Company and its Subsidiaries, taken as a whole; 

(p) make or change any material Tax election, materially amend any Tax return (except as required by applicable Law), enter into any material
closing agreement with respect to Taxes, surrender any right to claim a material refund of Taxes, settle or finally resolve any material controversy with respect to Taxes or materially change any method of Tax accounting, except as required by
applicable Law or upon the order of the competent Governmental or Regulatory Authorities; 
 (q) waive any material benefits of, or agree to
materially modify in any matter, any confidentiality, standstill or similar agreement to which the Company or any of its Subsidiaries is a party; 

(r) fail to maintain or protect any material Group Company Intellectual Property, Group Company IT Assets or Group Company Software; 

(s) authorize or agree in writing to take any of the foregoing actions, or enter into any letter of intent (binding or non-binding) or similar
written agreement or arrangement with respect to any of the foregoing. 
 Without prejudice to the generality of Section 5.01, the
Company and its Subsidiaries shall use their reasonable best efforts to collaborate with Parent in relation to all material matters concerning the running of the Group. 

Section 5.02. Company Shareholders’ Meeting. Promptly after NetDragon Cayman has obtained approval from its shareholders at a
general meeting held in accordance with the requirements of the Listing Rules in relation to the Transactions, the Company shall, in accordance with Cayman Islands Law and the Company’s memorandum and articles of association, take all action
necessary to call, give notice of, convene an extraordinary general meeting of its shareholders and obtain, as promptly as practicable, approval of this Agreement, the Plan of Merger and the Merger by the affirmative consent of holders of at least
three-fourths (3/4th) of the Shares at the Shareholders’ Meeting (the “Requisite Company Vote”). Subject to Section 5.04 and subject always to directors’ fiduciary
duties, the Company Board shall (i) recommend approval and adoption of this Agreement, the Merger and the other transactions contemplated hereby by the Company’s shareholders, (ii) use its reasonable best efforts to obtain the
Requisite Company Vote and (iii) not effect an Adverse Recommendation Change (as defined below). Without limiting the generality of the foregoing, this Agreement and the Merger shall be submitted to the Company’s shareholders for approval
by Requisite Company Vote whether or not an Adverse Recommendation Change (as defined below) shall have occurred. 

  
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 Section 5.03. Access to Information. From the date hereof until the Effective Time
and subject to applicable Law, upon reasonable advance notice from Parent, the Company and its Subsidiaries shall (i) give Parent and its Representatives reasonable access during normal business hours to the offices, properties, books and
records of such party, (ii) cause its officers and those of its Subsidiaries furnish to Parent and its Representatives such existing financial and operating data and other existing information as such Persons may reasonably request, and
(iii) instruct its Representatives to reasonably cooperate with Parent and its Representatives in its investigation; provided, that the Company shall not be required to (A) furnish, or provide access to, any information to any
Person not a party to, or otherwise covered by, any confidentiality agreement with respect to such information, or (B) provide access to or furnish any information if doing so would (x) violate any Contract with any Third Party or any
applicable Law, or (y) cause a risk of loss of privilege to the Company or any of its Subsidiaries to, upon advice of outside legal counsel, provided that the Company shall take all commercially reasonable steps to permit inspection of
or to disclose such information without such loss of the Company’s or any of its Subsidiaries’ privilege with respect thereto, including, without limitation, by means of a joint interest or defense agreement. 

Section 5.04. No Solicitation; Other Offers. Neither the Company nor any of its Subsidiaries shall authorize or permit any of its
or their Representatives to, directly or indirectly, (i) solicit, initiate or take any action to facilitate or encourage the submission of any Acquisition Proposal, (ii) enter into or participate in any discussions or negotiations with,
furnish any information relating to the Company or any of its Subsidiaries or afford access to the business, properties, assets, books or records of the Company or any of its Subsidiaries to, otherwise cooperate in any way with, or knowingly assist,
participate in, facilitate or encourage any effort by any Third Party that is seeking to make, or has made, an Acquisition Proposal, (iii) fail to make, withdraw or modify in a manner adverse to Parent the Company Recommendation (or recommend
an Acquisition Proposal or take any action or make any statement inconsistent with the Company Recommendation) (any of the foregoing in this clause (iii), an “Adverse Recommendation Change”), (iv) grant any waiver or release
under any standstill or similar agreement with respect to any class of equity securities of the Company or any of its Subsidiaries or (v) enter into any agreement in principle, letter of intent, term sheet, merger agreement, acquisition
agreement, option agreement or other similar instrument relating to an Acquisition Proposal. It is agreed that any violation of the restrictions on the Company set forth in this Section by any Representative of the Company or any of its Subsidiaries
shall be a breach of this Section by the Company. 
 Section 5.05. Notification of Certain Matters. (a) Each of the Company
and Parent shall promptly notify the other in writing of: 
  

	 	(i)	any notice or other communication from any person alleging that the consent of such person is or may be required in connection with the Transactions; 

  
 36 

	 	(ii)	any notice or other communication from any Governmental or Regulatory Authority in connection with the Transactions; 

  

	 	(iii)	any Actions commenced or, to the Knowledge of the Company or the knowledge of the executive officers of Parent, threatened against the Company or any of its Subsidiaries or Parent, as the case may be, that, if pending
on the date of this Agreement, would have been required to have been disclosed by such party pursuant to any of such party’s representations and warranties contained herein, or that relate to such party’s ability to consummate the
Transactions; 

  

	 	(iv)	if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of such party set forth in this Agreement shall have occurred that would cause the conditions set forth in
Sections 6.01, 6.02 and 6.03 not to be satisfied; and 

  

	 	(v)	any failure of the Company or Parent to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder, 

together, in each case, with a copy of any such notice, communication or Action; provided, that the delivery of any notice pursuant to this
Section 5.05 shall not limit or otherwise affect the remedies available hereunder to the party receiving such notice. 
 (b) The
Company shall promptly notify Parent in writing of: (i) (A) any notice, correspondence or other communication between any Governmental or Regulatory Authority and any Group Company or their respective Representatives, (B) any
presentation made to any Governmental or Regulatory Authority by any Group Company or their Representatives or (C) to the Knowledge of the Company, any notice, correspondence or other communication between any Governmental or Regulatory
Authority and any executive officers or directors of the Company (or their respective Representatives) or any Third Party (other than Parent and Merger Sub) in connection with any Action naming any Group Company or any executive officer or director
of any Group Company, with, to the extent permitted, a complete copy (to the extent known by and available to the Company) of any such notice, correspondence or communication (including a written summary of any oral communication to the extent known
by the Company), or materials used in the presentation, as applicable, and (ii) any order to the Company, or any notice, correspondence or other communication between any other party or its counsel and any Group Company or their respective
Representatives in connection with an Action filed with any court, with a complete copy (to the extent known by and available to the Company) of any such notice, correspondence or communication, as applicable. 

  
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 Section 5.06. Further Action; Reasonable Best Efforts. (a) Upon the terms and
subject to the conditions of this Agreement, each of the parties hereto shall (i) make promptly its respective filings, and thereafter make any other required submissions, with each relevant Governmental or Regulatory Authority with
jurisdiction over enforcement of any applicable antitrust or competition Laws with respect to the Transactions (if applicable), and coordinate and cooperate fully with the other parties in exchanging such information and providing such assistance as
the other parties may reasonably request in connection therewith (including, without limitation, (x) notifying the other parties promptly of any communication (whether verbal or written) it or any of its affiliates receives from any
Governmental or Regulatory Authority in connection with such filings or submissions, (y) permitting the other parties to review in advance, and consulting with the other parties on, any proposed filing, submission or communication (whether
verbal or written) by such party to any Governmental or Regulatory Authority, and (z) giving the other parties the opportunity to attend and participate at any meeting with any Governmental or Regulatory Authority in respect of any filing,
investigation or other inquiry); and (ii) use its reasonable best efforts to take, or cause to be taken, all appropriate action, and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws or otherwise to
consummate and make effective the Transactions, including, without limitation, employing such resources and taking all steps as are necessary to obtain the Requisite Regulatory Approvals, if required to consummate the Transactions; provided,
that none of the Company, Parent, Merger Sub or any of their respective affiliates shall be required to hold separate, restructure, reorganize, sell, divest, dispose of, or otherwise take or commit to any action that limits its freedom of action
with respect to, or its ability to retain, any of its businesses, services or assets. The parties agree to cooperate in good faith to determine and direct the strategy and process by which the parties will seek the Requisite Regulatory Approvals.
If, at any time after the Effective Time, any further action is necessary or desirable to carry out the purposes of this Agreement, the proper officers and directors of each party to this Agreement shall use their reasonable best efforts to take all
such action. 
 (b) Each party hereto shall, upon request by any other party, furnish such other party, to the extent not in violation of
any applicable Law, with all information concerning itself, its subsidiaries, directors, officers and shareholders and such other matters as may be reasonably necessary or advisable in connection with any statement, filing, notice or application
made by or on behalf of Parent, Merger Sub, the Company or any of their respective affiliates to any Governmental or Regulatory Authority in connection with the Merger and the Transactions. 

(c) The Company shall cooperate with all Governmental or Regulatory Authorities in connection with any Actions naming the Company or its
directors or executive officers. 
 Section 5.07. Obligations of Merger Sub. Parent shall take all actions necessary to cause
Merger Sub to perform its obligations under this Agreement and to consummate the Merger on the terms and subject to the conditions set forth in this Agreement. 

Section 5.08. Participation in Litigation. Prior to the Effective Time, (a) the Company shall give prompt notice to Parent of
any Actions by shareholders of the Company commenced or, to the Knowledge of Company threatened, against the Company and/or its directors which relate to this Agreement or the Transactions, and (b) the Company shall give Parent the opportunity
to participate in the defense or settlement of any such shareholder Action against the Company and/or its directors relating to this Agreement or the Transactions, and except as permitted under Section 5.01(n), no such Action shall be settled
or compromised, and the Company shall not take any action to adversely affect or prejudice any such Action, without Parent’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed). 

  
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 Section 5.09. Confidentiality. Each party to this Agreement shall not divulge to any
third party any information regarding the existence or subject matter or terms of this Agreement, without the prior written consent of the other parties (such consent not to be unreasonably withheld), except (a) as contemplated in this
Agreement, (b) on a need-to-know basis to the respective directors, officers, employees and professional advisers of each party, (c) to the extent necessary to comply with the regulations or policies of any stock exchange or other
regulatory body, or (d) to the extent necessary to comply with applicable Law or for the purpose of legal or arbitration proceedings; provided, that in the case of (c) or (d), each party shall use its reasonable efforts to allow the other
parties reasonable time to comment on the form and content of the release of information in advance of such release. 
 Section 5.10.
Tax Matters. From the date hereof, the Company shall, and shall cause each Subsidiary to timely pay, all Taxes that arise from or with respect to the Company and/or Subsidiary as applicable. 

ARTICLE 6 

CONDITIONS TO THE MERGER 

Section 6.01. Conditions to the Obligations of Each Party. The obligations of the Company, Parent and Merger Sub to consummate the
Merger are subject to the satisfaction or waiver (where permissible) of the following conditions: 
 (a) Shareholder Approval. The
Requisite Company Vote shall have been obtained in accordance with the CICL and the Company’s memorandum and articles of association. 

(b) No Injunction. No provision of any Law or Order shall prohibit the consummation of the Merger or make the Merger illegal. 

(c) Regulatory Approvals. All actions by or in respect of or filings with any Governmental or Regulatory Authority required to permit
the consummation of the Merger shall have been taken, made or obtained, including but not limited to the Requisite Regulatory Approvals. 

Section 6.02. Conditions to the Obligations of Parent and Merger Sub. The obligations of Parent and Merger Sub to consummate the
Merger are subject to the satisfaction or waiver (where permissible) of the following additional conditions: 
 (a) Representations and
Warranties. The representations and warranties of the Company contained in this Agreement and in any certificate or other writing delivered by the Company pursuant hereto (A) that are qualified by materiality or Material Adverse Effect
shall be true at and as of the Closing Date as if made at and as of such date, and (B) that are not qualified by materiality or Material Adverse Effect shall be true in all material respects at and as of the Closing Date as if made at and as of
such time. 

  
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 (b) Agreements and Covenants. The Company shall have performed or complied in all material
respects with all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing. 

(c) Officer Certificate. The Company shall have delivered to Parent a certificate, dated the Closing Date, signed by chief executive
officer of the Company, certifying as to the satisfaction of the conditions specified in Sections 6.02(a) and 6.02(b). 
 (d) Material
Adverse Effect. Since the date of this Agreement, there shall not have occurred and be continuing a Material Adverse Effect. 
 (e)
Transaction Documents. Each of the parties to the Transaction Documents, other than Parent or Merger Sub, shall have executed and delivered such Transaction Documents to Parent. 

(f) Transfer of Fujian BoRui. NetDragon (Fujian), the Person(s) nominated by Parent (the “Parent Nominees”), and
Fujian BoRui have duly entered into the Equity Interests Transfer Agreements (the “Equity Interests Transfer Agreements”) in substantially the form attached hereto as Annex F, pursuant to which 100% equity interests of Fujian
BoRui shall be transferred to Parent Nominees, and the Company shall have delivered to Parent and Merger Sub documents evidencing the filing with Fuzhou Economic and Technological Development Zone Administration For Industry and Commerce for the
transfer of all of the equity interests in Fujian BoRui from NetDragon (Fujian) to the Parent Nominees. 
 (g) Key Employee Employment
Contracts. The Company shall have delivered to Parent and Merger Sub employment agreements, confidentiality agreements, non-compete agreements and intellectual property assignment agreements with the Key Employees in substantially the forms to
the reasonable satisfaction of Parent. 
 (h) Business Contracts. (A) The contracts listed in Annex B-1 hereto shall have
been duly terminated to the reasonable satisfaction of Parent; and (B) the contracts listed in Annex B-2 hereto shall have been duly amended in substantially the forms to the reasonable satisfaction of Parent. 

(i) Termination of Post Conversion Co-sale Agreement and Post Conversion Shareholders’ Agreement. The Company shall have delivered
to Parent and Merger Sub reasonable evidence to the satisfaction of Parent of the termination of the Post Conversion Co-sale Agreement and the Post Conversion Shareholders’ Agreement which shall take effect immediately upon the Effective Time.

  
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 (j) Audited Financial Statements and Unaudited Management Accounts. The Company shall have
delivered to Parent and Merger Sub the Audited Financial Statements and the Unaudited Management Accounts. 
 (k) PRC legal opinion.
The Company shall have delivered to Parent and Merger Sub an opinion from Jingtian & Gongcheng, the PRC legal advisors to the Company, in substantially the form attached hereto as Annex G. 

(l) Cayman Islands legal opinion. The Company shall have delivered to Parent and Merger Sub an opinion from Conyers Dill &
Pearman, the Cayman Islands legal advisors to the Company, regarding the incorporation of the Company and execution by the Company of this Agreement in substantially the form as attached hereto as Annex I. 

(m) Resignations. The Company shall have delivered to Parent and Merger Sub duly signed resignations, effective as of the Effective
Time, of the directors of the Company designated by Parent. 
 (n) Deeds of Undertaking. Shareholders holding at least 90% of the
issued share capital of the Company shall have entered into certain deeds of undertaking (the “Deeds of Undertaking”) in substantially the form attached hereto as Annex H. 

Section 6.03. Conditions to the Obligations of the Company. The obligations of the Company to consummate the Merger are subject to
the satisfaction or waiver (where permissible) of the following additional conditions: 
 (a) Representations and Warranties. The
representations and warranties of Parent and Merger Sub contained in this Agreement and in any certificate or other writing delivered by Parent or Merger Sub pursuant hereto (A) that are qualified by materiality or Material Adverse Effect shall
be true at and as of the Closing Date as if made at and as of such date, and (B) that are not qualified by materiality or Material Adverse Effect shall be true in all material respects at and as of the Closing Date as if made at and as of such
time. 
 (b) Agreements and Covenants. Parent and Merger Sub shall have performed or complied in all material respects with all
agreements and covenants required by this Agreement to be performed or complied with by them on or prior to the Closing, the Effective Time and/or thereafter as provided therein. 

(c) Requisite Shareholders Approval of NetDragon Cayman. The approval by the shareholders of NetDragon Cayman of the shareholders’
resolution in relation to, inter alia, this Agreement, the Deed of Undertaking to be signed by NetDragon Cayman and NetDragon BVI and the Transactions at an extraordinary general meeting of NetDragon Cayman shall have been obtained. 

(d) Compliance with Listing Rules and Securities Futures Ordinance. NetDragon Cayman shall have complied with and to the satisfaction
of the Stock Exchange and other relevant regulatory authorities all requirements under the Listing Rules and/or the Securities Futures Ordinance (Chapter 571 of the laws of Hong Kong) in relation to the Merger and other transactions contemplated
thereunder. 

  
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 For the avoidance of doubt, the conditions of Section 6.02(i) and Sections 6.03(c) to
(d) cannot be waived notwithstanding anything stated hereof 
 Section 6.04. Frustration of Closing Conditions. Prior to
the End Date, none of the Company, Parent or Merger Sub may rely on the failure of any condition set forth in Article 6 to be satisfied if such failure was caused by such party’s failure to act in good faith to comply with this Agreement and
consummate the Transactions. 
 ARTICLE 7 

TERMINATION 

Section 7.01. Termination. This Agreement may be terminated and the Merger may be abandoned at any time prior to the Effective
Time whether the Requisite Company Vote has been obtained: 
 (a) by mutual written agreement of the Company and Parent; 

(b) by either the Company or Parent, if: 

(i) the Merger has not been consummated on or before December 31, 2013 (the “End Date”); provided
that the right to terminate this Agreement pursuant to this Section 7.01(b) shall not be available to any party whose breach of any provision of this Agreement results in the failure of the Merger to be consummated by such time; 

(ii) there shall be any Law or Order that (A) makes consummation of the Merger illegal or otherwise prohibited or
(B) enjoins the Company or Parent from consummating the Merger and such injunction shall have become final and nonappealable; 

(iii) the Post Conversion Co-Sale Agreement and the Post Conversion Shareholders’ Agreement have not been effectively
terminated in accordance with their respective terms by the End Date; or 
 (c) by Parent, if an Adverse Recommendation Change shall have
occurred, or if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Company set forth in this Agreement shall have occurred that would cause the condition set forth in Section 6.02(a)
not to be satisfied, and such condition is incapable of being satisfied by the End Date; or 
 (d) by the Company, if a breach of any
representation or warranty or failure to perform any covenant or agreement on the part of Parent or Merger Sub set forth in this Agreement shall have occurred that would cause the condition set forth in Section 6.03(a) not to be satisfied, and
such condition is incapable of being satisfied by the End Date; or 
 (e) by the Company, if the approval by the shareholders of NetDragon
Cayman of the shareholders’ resolutions in relation to, inter alia, this Agreement, the Deed of Undertaking to be signed and delivered by NetDragon Cayman and all transactions contemplated thereunder at an extraordinary general meeting of
NetDragon Cayman shall not have been obtained. 

  
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 The party desiring to terminate this Agreement pursuant to this Section 7.01 (other than pursuant to
Section 7.01(a) shall give notice of such termination to the other party. 
 Section 7.02. Effect of Termination. In
the event of the termination of this Agreement pursuant to Section 7.01, such termination shall be without liability of either party (or any stockholder, director, officer, employee, agent, consultant or representative of such party) to the
other party to this Agreement; provided that if such termination shall result from the (i) willful failure of either party to fulfill a condition to the performance of the obligations of the other party, (ii) failure to perform a covenant
of this Agreement or (iii) breach by either party hereto of any representation or warranty or agreement contained herein, such party shall be fully liable for any and all damages incurred or suffered by the other party as a result of such
failure or breach. The terms of Section 7.02 and Article 8 shall survive any termination of this Agreement. 
 ARTICLE 8 

GENERAL PROVISIONS 

Section 8.01. Survival of Representations and Warranties. The representations and warranties of the parties hereto contained in
this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive the Closing. 

Section 8.02. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 8.02): 
 if to Parent or Merger Sub, to:

 Baidu (Hong Kong) Limited 

Baidu Campus 

No. 10 Shangdi 10th Street, Haidian District 

Beijing, 100085, China 

Attention: Hesong Tang 

Facsimile: +8610-59920021/59920022 

Email: tanghesong@baidu.com 

  
 43 

 if to the Company: 

Building 851 

No. 58 Wenquan Zhilu 

Gulou District 

Fuzhou 

People’s Republic of China 

Attention: Board of directors 

Facsimile: +86591-87676528 

Email: wujoe@yahoo.com 

All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior
to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until 9:30 a.m. in the place of receipt on the next
succeeding Business Day. 
 Section 8.03. Certain Definitions. 

(a) For purposes of this Agreement: 

“91 Assistant” means 91 

 (91 Assistant), the proprietary Smartphone Apps of the Group, which is a mobile device management tool and a mobile apps store; 

“91 Launcher”, means 91 

 (91 Launcher), one of the proprietary Smartphone Apps of the Group; 
 “91 Panda Reader”,
means 91 

 (91 Panda Reader), one of the proprietary Smartphone Apps of the Group; 
 “Acquisition
Proposal” means, other than the Transactions, any offer, proposal or inquiry relating to, or any Third Party indication of interest in, (i) any acquisition or purchase, direct or indirect, of 10% or more of the consolidated assets of
the Company and its Subsidiaries or 10% or more of any class of equity or voting securities of the Company or any of its Subsidiaries whose assets, individually or in the aggregate, constitute 10% or more of the consolidated assets of the Company,
(ii) any tender offer (including a self-tender offer) or exchange offer that, if consummated, would result in such Third Party’s beneficially owning 10% or more of any class of equity or voting securities of the Company or any of its
Subsidiaries whose assets, individually or in the aggregate, constitute 10% or more of the consolidated assets of the Company, (iii) a merger, consolidation, share exchange, business combination, sale of substantially all the assets,
reorganization, recapitalization, liquidation, dissolution or other similar transaction involving the Company or any of its Subsidiaries whose assets, individually or in the aggregate, constitute 10% or more of the consolidated assets of the Company
or (iv) any other transaction the consummation of which could reasonably be expected to impede, interfere with, prevent or materially delay the Merger or that could reasonably be expected to dilute materially the benefits to Parent of the
Transactions. Notwithstanding the previous sentence, a purchase of Company Securities by, or a borrowing from, a Person who is a holder of Company Securities on the date of this Agreement will not constitute an “Acquisition
Proposal” if and to the extent Parent gives its prior written consent to such purchase or borrowing; 

  
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 “affiliate” of a specified person means a person who, directly or
indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified person; 

“Alpha Great” means Alpha Great International Limited 

, a BVI business company incorporated in the BVI on 25 October 2011; 
 “Beijing
MiKu” means 

 (Beijing Mi Ku Bei Xian Software Technology Ltd.), a company incorporated under the laws of the PRC on 27 September 2012; 

“BoYuan (Hong Kong)” means BoYuan (Hong Kong) Wireless Websoft Technology Limited 

, a company incorporated in Hong Kong on 18 November 2011; 
 “Business Day”
means a day, other than Saturday, Sunday or other day on which commercial banks in Cayman Islands, Hong Kong and the PRC are authorized or required by Applicable Law to close; 

“Company Disclosure Schedule” means the disclosure schedule attached hereto as Schedule 1, delivered to Parent
and Merger Sub by the Company on the date hereof; 
 “Company Employee Plan” means any written plan, program,
policy, Contract or other arrangement providing for cash compensation, severance, termination pay, deferred cash compensation, cash performance awards, fringe benefits or other employee benefits, that is or has been maintained, contributed to or
required to be contributed to by the Company or any of its Subsidiaries for the benefit of any current or former employee, director, officer or independent contractor of the Company or its Subsidiaries, or with respect to which the Company or any of
its Subsidiaries has or may have any liability or obligation; 
 “Contract” means any note, bond, mortgage,
indenture, deed of trust, contract, agreement, lease, license, permit, franchise or other instrument; 

“control” (including the terms “controlled by” and “under common control with”)
means the possession, directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities or the possession of voting power,
as trustee or executor, by contract (including, without limitation, contractual arrangements similar to those provided by the Structured Contracts) or credit arrangement or otherwise; 

“Controlling Shareholder” means NetDragon BVI; 

  
 45 

 “Covered Subsidiaries” means Talent Zone, Prestige Plus, Alpha Great,
Keen City, BoYuan (Hong Kong), I-Wave, Jiangsu BoWang, Fuzhou BoYuan and Fujian BoDong; 
 “Covered VIEs” means
Fujian BoRui; 
 “DeNA Holdco” means 

 DeNA (DeNA Co., Ltd.*), an Internet company whose shares are listed on the Tokyo Stock Exchange, Inc. (stock code: 2432) and the Company’s joint venture partner; 

“Fujian BoDong” means 

 (Fujian BoDong Cultural and Communications Co., Ltd.), an enterprise established in the PRC on 27 December 2011; 

“Fujian BoRui” means 

 (Fujian BoRui Websoft Technology Co., Ltd.), an enterprise established in the PRC on 18 March 2011; 

“Fuzhou BoYuan” means

 (Fuzhou BoYuan Wireless Websoft Technology Co., Ltd.), a wholly foreign-owned enterprise established under the laws of the PRC on 6 September 2010; 

“GalaxyWave” means GalaxyWave Co., Ltd., a company incorporated in the British Virgin Islands on January 9, 2012; 

“General Shareholders” means Eligible Shareholders, other than Controlling Shareholder and Management Shareholders; 

“Governmental Authorization” means any approval, order, registration, clearance, qualification, consent, waiver,
authorization, exemption, permission, judgment, endorsement or license with or granted by any Governmental or Regulatory Authority having jurisdiction over the Company or any of the Subsidiaries; 

“Governmental or Regulatory Authority” means any nation or government or any province or state or any other political
subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or
instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization and any stock exchange (including The Stock Exchange of Hong Kong Limited); 

“Group” means the Company and the Subsidiaries, and “Group Company” means any of them; 

“Group Company Intellectual Property” means all Intellectual Property Rights owned, purported to be owned, or
otherwise held by or licensed to the Group Companies; 
 “Group Company IT Assets” means any and all IT Assets
owned, used or held for use by or licensed to the Group Companies; 

  
 46 

 “Group Company Software” means all Software owned, purported to be owned,
or otherwise held by or licensed to the Group Companies; 
 “HiMarket” means 

 (HiMarket), the proprietary Smartphone App of the Group, which is an online apps store; 
 “Hong
Kong” means the Hong Kong Special Administrative Region of the PRC; 
 “Indebtedness” means, with respect
to any person, without duplication (a) all indebtedness of such person, whether or not contingent, for borrowed money, (b) all obligations of such person for the deferred purchase price of property or services, (c) all obligations of
such person evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such person under currency, interest rate or other swaps, and all hedging and other obligations of such person under other derivative
instruments, (e) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such person (even though the rights and remedies of the seller or lender under such
agreement in the event of default are limited to repossession or sale of such property), (f) all obligations of such person as lessee under leases that have been or should be, in accordance with HKFRS, recorded as capital leases, (g) all
obligations, contingent or otherwise, of such person under acceptance, letter of credit or similar facilities, (h) all obligations of such person to purchase, redeem, retire, defease or otherwise acquire for value any share capital of such
person or any warrants, rights or options to acquire such share capital, valued, in the case of redeemable preferred shares, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (i) all
Indebtedness of others referred to in clauses (a) through (h) above guaranteed directly or indirectly in any manner by such person, and (j) all Indebtedness referred to in clauses (a) through (h) above secured by (or for
which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Liens on property (including accounts and contract rights) owned by such person, even though such person has not assumed or become liable for
the payment of such Indebtedness; 
 “IT Assets” means any and all computers, firmware, middleware, servers,
workstations, routers, hubs, switches, data communications lines, and all other information technology equipment and systems, and all associated documentation; 

“I-Wave” means I-Wave Wireless Limited 

, a company incorporated in Hong Kong on 29 June 2012; 

  
 47 

 “Intellectual Property Rights” means any and all intellectual property rights or
similar proprietary rights throughout the world, including (i) inventions, whether or not patentable, reduced to practice or made the subject of one or more pending patent applications, (ii) national and multinational statutory invention
registrations, patents and patent applications (including all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof) registered or applied for in the PRC and all other nations throughout the world, all
improvements to the inventions disclosed in each such registration, patent or patent application, (iii) trademarks, service marks, trade dress, logos, domain names, trade names and corporate names (whether or not registered) in the PRC and all
other nations throughout the world, including all variations, derivations, combinations, registrations and applications for registration of the foregoing and all goodwill associated therewith, (iv) copyrights (whether or not registered) and
registrations and applications for registration thereof in the PRC and all other nations throughout the world, including all derivative works, moral rights, renewals, extensions, reversions or restorations associated with such copyrights, now or
hereafter provided by law, regardless of the medium of fixation or means of expression, (v) trade secrets and, whether or not confidential, business information (including pricing and cost information, business and marketing plans and customer
and supplier lists) and know-how (including research and development information), (vi) industrial designs (whether or not registered), (vii) databases and data collections, (viii) domain names, (ix) copies and tangible
embodiments of any of the foregoing, in whatever form or medium, (x) all rights to obtain and rights to apply for patents, and to register trademarks, copyrights and domain names, (xi) all rights in all of the foregoing provided by all
applicable Laws and (xii) all rights to sue or recover and retain damages and costs and attorneys’ fees for past, present and future infringement or misappropriation of any of the foregoing; 

“Jiangsu BoDe” means 

 (Jiangsu BoDe Websoft Technology Ltd.), a company incorporated in the PRC on 2 August 2012; 

“Jiangsu BoWang” means 

 (Jiangsu Bowang Websoft Technology Ltd.), a wholly foreign-owned enterprise incorporated in the PRC on 25 June 2012; 

“Jinan CloverTek” means 

 (Jinan CloverTek Information Technology Limited), a company incorporated under the laws of the PRC on 18 August 2010; 

“Keen City” means Keen City Holdings Limited 

, a company incorporated in Hong Kong on 15 September 2011; 
 “Key Employees” means
the list of employees as set out in Annex J; 
 “Knowledge” including the phrase “to the Knowledge
of” any Person, means the knowledge of such Person, after due and reasonable inquiry; with respect to the Company, “Knowledge” means the knowledge of the directors of each Group Company and Key Employees after due and reasonable
inquiry; 
 “Law” means any constitutional provision, statute or other law, rule, regulation, official policy
or interpretation of any Governmental or Regulatory Authority; 
 “Liens” means any security interest,
pledge, hypothecation, mortgage, lien (including environmental and Tax liens), violation, charge, lease, license, encumbrance, servient easement, adverse claim, reversion, reverter, preferential arrangement, restrictive covenant, condition or
restriction of any kind, including any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership; 

  
 48 

 “Listing Document” means the listing document prepared in connection with
the proposed spin-off and separate listing of the Company on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited in the form attached in Annex C hereto; 

“Listing Rules” means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; 

“Management Deferred Payment Agreement” means the agreement to be entered into by and among Parent, the Company and
Management Shareholders on or prior to Closing, reflecting the arrangement with respect to Management Shareholders Deferred Payment Amount, the form of which is attached as Annex D; 

“Management Shareholders” means the list of management shareholders as set out in Schedule A of the Management
Deferred Payment Agreement; 
 “Material Adverse Effect” means a material adverse effect on the condition
(financial or otherwise), results of operations, business, properties or prospects of the Company and the Subsidiaries taken as a whole, or on the ability of the Company or any of the Subsidiaries to carry out their respective obligations under the
Transaction Documents; 
 “Mobile Device(s)” means smartphones, tablet computers and smart televisions in the
context of HiMarket; and means smartphones and tablet computers in the other context; 
 “NetDragon BVI” means
NetDragon Websoft Inc., a company incorporated in the British Virgin Islands on January 8, 2003, being a wholly-owned subsidiary of NetDragon Cayman; 

“NetDragon Cayman” means NetDragon Websoft Inc., an exempted company incorporated in the Cayman Islands with limited
liability, the securities of which are listed on the Main Board of the Stock Exchange; 
 “NetDragon (Fujian)” means
Fujian NetDragon Websoft Co., Ltd. 

, formerly known as Fuzhou NetDragon Websoft Co., Ltd. 

, a company established in the PRC with limited liability on 25 May 1999; 

“Order” means any injunction, judgment, decree, order, ruling, assessment or writ of any Governmental or Regulatory
Authority; 
 “Ordinary Share” means ordinary shares of par value of USD0.0001 each in the capital of the Company;

 “Paying Agent” means such Person to be mutually agreed by Parent and the Company; 

  
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 “Permitted Liens” means (i) Taxes, assessments and other
governmental levies, fees or charges imposed which are not yet due and payable, or which are being contested in good faith and by appropriate proceedings, (ii) mechanics liens and similar liens arising or incurred in the ordinary course of
business relating to obligations as to which there is no default on the part of the Company or any of its Subsidiaries or that secure a liquidated amount, that are being contested in good faith, (iii) zoning, building codes and other land use
Laws regulating the use or occupancy of such real property or the activities conducted thereon which are imposed by any Governmental or Regulatory Authority having jurisdiction over such real property which are not violated by the current use or
occupancy of such real property or the operation of the business thereon, (iv) easements, covenants, conditions, restrictions and other similar matters of record affecting title to such real property which do not or would not materially impair
the use or occupancy of such real property in the operation of the business conducted thereon, (v) leases, subleases and licenses (other than capital leases and leases underlying sale and leaseback transactions) between the Company and its
Subsidiaries or otherwise granted to third parties in the ordinary course of business by the Company or its Subsidiaries, (vi) Liens imposed by applicable Law, (vii) pledges or deposits to secure obligations under workers’
compensation Laws or similar legislation or to secure public or statutory obligations, (viii) pledges and deposits to secure the performance of bids, trade contracts, leases, surety and appeal bonds, performance bonds and other obligations of a
similar nature, in each case in the ordinary course of business, (ix) Liens arising in connection with the Structured Contracts, and (x) any other Liens that have been incurred or suffered in the ordinary course of business and that would
not reasonably be expected to have a Company Material Adverse Effect; 
 “Person” means an individual,
corporation, partnership, limited partnership, limited liability company, syndicate, person, trust, association or entity or government, political subdivision, agency or instrumentality of a government; 

“Post Conversion Co-sale Agreement” means the Amended and Restated Right of First Refusal and Co-sale Agreement dated
March 27, 2013, entered into among the Company, NetDragon BVI, and certain other parties thereto; 
 “Post
Conversion Shareholders’ Agreement” means the Amended and Restated Shareholders’ Agreement dated March 27, 2013, entered into among the Company, Talent Zone, Fuzhou BoYuan, Fujian BoRui, NetDragon BVI, and certain other
parties thereto; 
 “Prestige Plus” means Prestige Plus Holdings Limited 

, a business company incorporated under the laws of the British Virgin Islands on September 20, 2011; 

“PRC” means the People’s Republic of China, but solely for purposes of this Agreement and the other Transaction
Documents, excluding Hong Kong, the Macau Special Administrative Region and the island of Taiwan; 

  
 50 

 “Related Party” means any Affiliate, officer, director, supervisory board
member, employee, or holder of any equity security of any Group Company, and any Affiliate or associate of any of the foregoing; 

“Representatives” means, with respect to any party, such party’s officers, directors, employees, accountants,
consultants, financial and legal advisors, agents and other representatives; 
 “RMB” means Renminbi yuan, the
lawful currency of the PRC; 
 “Series A Preferred Shares” means the Series A Preferred Shares of par value USD0.0001 each
of the Company; 
 “Series B Preferred Shares” means the Series B Preferred Shares of par value USD0.0001 each of the
Company; 
 “Shanghai BoGu” means 

 (Shanghai BoGu Information Technology Limited), a company incorporated under the laws of the PRC on 28 September 2011; 

“Shareholders” means the shareholders of the share capital of the Company; 

“Smartphone App(s)” means application(s) running on Mobile Device(s), and for the purpose of this Agreement, which do
not include games designed to run on Mobile Device(s); 
 “Social Security Benefits” means any social
insurance, pension insurance benefits, medical insurance benefits, work-related injury insurance benefits, maternity insurance benefits, unemployment insurance benefits and public housing reserve fund benefits or similar benefits, in each case as
required by any applicable Law or contractual arrangements; 
 “Software” means any and all software,
including computer software, mobile applications, assemblers, applets, compilers, source code, object code, firmware, operating systems and specifications, binary libraries, data, development tools, design tools and user interfaces, in any form or
format, however fixed, and all documentation related thereto; 
 “Stock Exchange” means The Stock Exchange of Hong
Kong Limited; 
 “Structured Contracts” means (1) the cooperation framework agreement dated 30 May 2011 between
Fujian BoRui and Fuzhou BoYuan; (2) the technical consultancy and service agreement dated 30 May 2011 between Fujian BoRui and Fuzhou BoYuan; (3) the equity interest pledge agreement in respect of the equity interest of Fujian BoRui
dated 30 May 2011 between Fujian BoRui, Fuzhou BoYuan and NetDragon (Fujian); (4) the agreement for the exclusive right to acquire equity interest and assets of Fujian BoRui between Fujian BoRui, Fuzhou BoYuan and NetDragon (Fujian); and
(5) the voting rights proxy agreement in respect of the equity interest of Fujian BoRui dated 30 May 2011 ) between Fujian BoRui, Fuzhou BoYuan and NetDragon (Fujian); 

  
 51 

 “Structured Contracts Termination Agreement” means the agreement to
terminate the Structured Contracts, the form of which is attached as Annex E; 
 “Subsidiaries” means the
Covered Subsidiaries and the Covered VIEs; 
 “Talent Zone” means Talent Zone Holdings Limited, a limited liability
company incorporated in Hong Kong on 19 February 2010; 
 “Tax” or “Taxes” means
(i) any tax, duty, custom, fee, assessment charge, or other levy separately or jointly due or payable to, or levied or imposed by any Governmental or Regulatory Authority, including income, gross receipts, license, wages, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duty, capital, capital gains, shares, capital stock, goods and services, franchise, profits, withholding, social security, unemployment, disability, real
property, personal property, sales, use, transfer, transaction, registration, value added, alternative/add-on minimum, estimated or other tax, duty, charge, custom, governmental fee, assessment or other levy of any kind whatsoever, including any
interest, penalty, fine or addition thereto, and any interest with respect to such addition or penalty, and (ii) any liability for the payment of any amounts described in (i) above for or to any other Person as a result of being a member
of an affiliated, consolidated, combined or unitary group, or as a transferee or successor, by contract, or otherwise, including as a result of an express or implied obligation to indemnify any other Person with respect to the payment of any amounts
described in (i) above; 
 “Tax Asset” means any net operating loss, net capital loss, foreign tax credit, or
any other credit or tax attribute that could be carried forward or back to reduce Taxes; 
 “Tax Return”
means any return, statement, report, election, declaration, disclosure, schedule or form relating to Taxes that is filed or required to be filed with any taxing authority; 

“Transaction Documents” means, collectively, this Agreement, Plan of Merger, , Equity Interests Transfer Agreements, the
Structured Contracts Termination Agreement and the Management Deferred Payment Agreement; 
 “Third Party” means any
Person or group of Persons, other than Parent or the Company or any of their respective affiliates or Representatives; and 

“USD” or “US$” means United States dollars, the lawful currency of the United States of America. 

  
 52 

 (b) The following terms have the meaning set forth in the Sections set forth below: 

 

			
	 Defined Term
	  	 Location of
Definition

	 Action
	  	3.17(a)
	 Adverse Recommendation Change
	  	5.04(iii)
	 Agreement
	  	Preamble
	 Anti-Money Laundering Law
	  	3.28
	 Audited Financial Statements
	  	3.09(a)
	 CICL
	  	Recitals
	 Closing
	  	1.02
	 Closing Date
	  	1.02
	 Closing Payment Amount
	  	2.03(c)
	 Company
	  	Preamble
	 Company Board
	  	Recitals
	 Company Recommendation
	  	3.02(b)
	 Company Securities
	  	3.06(b)
	 Company Subsidiary Securities
	  	3.07(j)
	 Controlling Shareholder Offshore Closing Payment Amount
	  	2.03(c)
	 Controlling Shareholder Onshore Closing Payment Amount
	  	2.03(c)
	 Deeds of Undertaking
	  	6.02(n)
	 Dispute
	  	8.10(a)
	 dissenter rights
	  	2.02(a)
	 Dissenting Shareholders
	  	2.02(a)
	 Dissenting Shares
	  	2.02(a)
	 Effective Time
	  	1.03
	 Eligible Shareholders

Employee Shareholder
	  	2.03
 2.04(h)

	 End Date
	  	7.01(b)(i)
	 Environmental Laws
	  	3.24
	 Equity Interests Transfer Agreements
	  	6.02(f)
	 Exchange Fund
	  	2.04(b)
	 Expenses
	  	8.14
	 General Shareholders Closing Payment Amount
	  	2.03(a)
	 HKIAC Rules
	  	8.10(a)
	 HKFRS
	  	3.09(a)
	 Lease
	  	3.14
	 Leased Real Property
	  	3.14
	 License(s)
	  	3.16
	 Major Customer
	  	3.30
	 Major Supplier
	  	3.30
	 Material Contracts
	  	3.19(a)
	 Management Shareholders Closing Payment Amount
	  	2.03(b)
	 Management Shareholders Deferred Payment Amount
	  	2.03(e)
	 Merger
	  	Recitals
	 Merger Consideration
	  	2.03

  
 53 

			
	 Defined Term
	  	 Location of
Definition

	 Merger Sub
	  	Preamble
	 Parent
	  	Preamble
	 Parent Nominees
	  	6.02(f)
	 Per Share Merger Consideration
	  	2.01(a)
	 Plan of Merger
	  	1.01
	 Reporting Accountants
	  	3.09(a)
	 Requisite Company Vote
	  	5.02
	 Requisite Regulatory Approvals
	  	3.03
	 Share Certificates
	  	2.04(b)(ii)
	 Shareholders’ Meeting
	  	Recitals
	 Shares
	  	2.01(a)
	 Surviving Corporation
	  	1.01
	 Surviving Corporation Memorandum
	  	Section 1.04
	 Transactions
	  	Recitals
	 Unaudited Management Accounts
	  	3.09(b)

 (c) Other Definitional and Interpretative Provisions. The words “hereof”, “herein”
and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be
ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto
or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this
Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or contract listed on any schedules
hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless
otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all applicable Law. 

  
 54 

 Section 8.04. Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
Transactions is not affected in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible. 

Section 8.05. Entire Agreement; Assignment. The Transaction Documents (and the agreements referred therein) and all exhibits and
schedules thereto constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject
matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), except that Parent and Merger Sub may assign all or any of their rights and obligations hereunder to any affiliate of Parent,
provided that no such assignment shall relieve the assigning party of its obligations hereunder if such assignee does not perform such obligations. 

Section 8.06. Amendment. This Agreement may be amended by an instrument in writing signed by each of the parties hereto at any
time prior to the Effective Time; provided, however, that, after the approval of this Agreement and the Transactions by the shareholders of the Company, no amendment may be made that would reduce the amount or change the type of
consideration into which each Share shall be converted upon consummation of the Merger or which adversely affects the rights of the Shareholders without the approval of the Shareholders. 

Section 8.07. Waiver. At any time prior to the Effective Time, any party hereto may (a) extend the time for the performance
of any obligation or other act of any other party hereto, (b) waive any inaccuracy in the representations and warranties of any other party contained herein or in any document delivered pursuant hereto and (c) waive compliance with any
agreement of any other party or any condition to its own obligations contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby. No failure or delay by
any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. For the purpose of this Section 8.07, Parent and Merger Sub shall be considered as one party and the Company shall be considered as a separate party. 

Section 8.08. Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any provision
of this Agreement were not performed in accordance with the terms hereof and that each party shall be entitled to specific performance of the terms hereof (including the other parties’ obligation to consummate the Transactions, subject in each
case to the terms and conditions of this Agreement), including an injunction or injunctions to prevent breaches of this Agreement, in addition to any other remedy at law or equity. 

  
 55 

 Section 8.09. Governing Law and Jurisdiction. 

(a) This Agreement shall be construed, performed and enforced in accordance with the Laws of Hong Kong without giving effect to its principles
or rules of conflict of laws to the extent such principles or rules would require or permit the application of the Laws of another jurisdiction other than Hong Kong except that the following matters arising out of or relating to this Agreement shall
be construed, performed and enforced in accordance with the Laws of the Cayman Islands in respect of which the parties hereto hereby irrevocably submit to the nonexclusive jurisdiction of the courts of the Cayman Islands: the Merger, the vesting of
the rights, property, choses in action, business, undertaking, goodwill, benefits, immunities and privileges, contracts, obligations, claims, debts and liabilities of the Merger Sub in the Surviving Corporation, the cancellation of the Shares in
consideration of the payment of the Per Share Merger Consideration, the rights provided for in Section 238 of the CICL with respect to any Dissenting Shares, the fiduciary or other duties of the Company Board and the board of directors of
Merger Sub, and the internal corporate affairs of the Company and Merger Sub. Save as aforesaid any proceeding (whether in contract, tort, equity or otherwise) arising out of or relating to this Agreement or the transactions contemplated hereby,
shall be brought solely and exclusively in the courts of Hong Kong. Each of the parties hereto agrees that a final judgment (subject to any appeals therefrom) in any such proceedings shall be conclusive and may be enforced in other jurisdictions in
any manner provided by Law. Each party hereby irrevocably submits to the exclusive jurisdiction of such courts in respect of any such proceedings, and hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceedings in any such courts. Each of the parties hereto hereby irrevocably and unconditionally consents to service of process in the manner
provided for notices in Section 8.02. 
 Section 8.10. Arbitration. 

(a) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the
interpretation, breach, termination, validity or invalidity thereof, shall be exclusively settled by arbitration in Hong Kong under the Hong Kong International Arbitration Centre Administered Arbitration Rules (“HKIAC Rules”) in
force when the Notice of Arbitration is submitted in accordance with the HKIAC Rules, save for as provided by sub-section (g). 
 (b) There
shall be three (3) arbitrators, of whom one (1) arbitrator shall be appointed by Parent, one (1) arbitrator appointed by the Company, and the third arbitrator shall be appointed by the two arbitrators designated by the parties. If the
two arbitrators designated by the parties are unable to agree upon a third arbitrator within thirty (30) days after the first two arbitrators are appointed, the third arbitrator shall be appointed by the Hong Kong Mediation Council of the Hong
Kong International Arbitration Centre. 

  
 56 

 (c) The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules
are in conflict with the provisions of this Section 8.10, including without limitation, the provisions concerning the appointment of the arbitrators, the provisions of this Section 8.10 shall prevail. 

(d) In addition to the authority conferred upon the arbitral tribunal by the HKIAC Rules, the arbitral tribunal shall have the authority to
order production of documents in accordance with the International Bar Association Rules on the Taking of Evidence in International Arbitration published by International Bar Association as current on the commencement of the arbitration. 

(e) The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of
competent jurisdiction for enforcement of such award. 
 (f) The arbitral tribunal shall decide any Dispute submitted by the parties to the
arbitration strictly in accordance with the substantive laws of Hong Kong (without regard to principles of conflict of laws thereunder) and shall not apply any other substantive law. 

(g) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if in its judgment such action is necessary to avoid
irreparable harm of damages, from any court with competent jurisdiction over the other party pending the constitution of the arbitral tribunal. Despite of such action, the parties will continue to participate in good faith in the arbitration
procedures specified in this Agreement. 
 (h) During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement
shall continue to be performed except with respect to the part in dispute and under adjudication. 
 Section 8.11. Headings. The
descriptive headings contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 8.12. Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be executed and delivered (including by
facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other parties
hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights,
benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. 

  
 57 

 Section 8.13. Disclosure Schedule and Listing Document Reference. 

(a) The parties hereto agree that any reference in a particular section of the Company Disclosure Schedule shall only be deemed to be an
exception to (or, as applicable, a disclosure for purposes of) (i) the representations and warranties (or covenants, as applicable) of the Company that are contained in the corresponding section of this Agreement and (ii) any other
representations and warranties of such party that is contained in this Agreement or the other Transaction Documents but only if the relevance of that reference as an exception to (or a disclosure for purposes of) such representations and warranties
would be readily apparent to a reasonable person who has read that reference and such representations and warranties, without any independent knowledge on the part of the reader regarding the matter(s) so disclosed. 

(b) The parties hereto agree that any information contained in any part of the Listing Document shall only be deemed to be an exception to (or
a disclosure for purposes of) the Company’s representations and warranties if the relevance of that information as an exception to (or a disclosure for purposes of) such representations and warranties would be reasonably apparent to a person
who has read that information concurrently with such representations and warranties, without any independent knowledge on the part of the reader regarding the matter(s) so disclosed. 

Section 8.14. Fees and Expenses. All Taxes and Expenses incurred in connection with the Transaction Documents and the
Transactions shall be paid by the party incurring such Taxes and Expenses, whether or not the Transactions are consummated. “Expenses”, as used in this Agreement, shall include all reasonable out-of-pocket expenses
(including, without limitation, all fees and expenses of counsel, accountants, investment bankers, experts, financing sources and consultants to a party hereto and its affiliates) incurred by a party or on its behalf in connection with or related to
the authorization, preparation, negotiation, execution and performance of this Agreement, the solicitation of shareholder approvals, the filing of any required notices under applicable Law and all other matters related to the closing of the
Transactions.  
 Section 8.15. No Legal, Tax or Investment Advice. The parties hereto understand that nothing in
this Agreement or any other materials presented by or on behalf of the Company to any of them in connection with the Transactions constitutes legal, tax or investment advice. The parties hereto have each consulted such legal, tax and investment
advisors as they, in their respective sole discretion, have each deemed necessary or appropriate in connection with the Transactions. 

[Signature Pages Follow] 

  
 58 

 IN WITNESS WHEREOF, Parent, Merger Sub and the Company have caused this Agreement to be executed
as of the date first written above by their respective officers thereunto duly authorized. 

 
					
	BAIDU (HONG KONG) LIMITED
		
	By:	 	 /s/ Li Yanhong

		 	Name:	 	Li Yanhong
		 	Title:	 	Director

					
	BAIDU (HONG KONG) SUB LIMITED
		
	By:	 	 /s/ Li Mingyuan

		 	Name:	 	Li Mingyuan
		 	Title:	 	Director

					
	91 WIRELESS WEBSOFT LIMITED
		
	By:	 	 /s/ Liu Dejian

		 	Name:	 	Liu Dejian
		 	Title:	 	Director

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