Document:

EX-10.6

 Exhibit 10.6 

August 15, 2019 

SHARE SUBSCRIPTION AGREEMENT 

concerning Series D Shares in 

Wan Duoduo Limited 

 SHARE SUBSCRIPTION AGREEMENT 

DATED August 15, 2019 
  

	AMONG	 

  

	(1)	 Wan Duoduo Limited, a company incorporated in the Cayman Islands with its registered office
located at Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands (the “Company”);

  

	(2)	 Wan Duoduo Hongkong Limited, a company incorporated in the Hong Kong with its registered office
located at Unit 806, 8/F, Tower II, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong Kong (the “HK Co”); 

  

	(3)	 Wan Le Duo Network Technology (Beijing) Co., Ltd.
(玩乐多网络技术(北京)有限公司), a limited liability company incorporated in the PRC with its registered office located at 201-A131, Unit 1, Building No.17, No.3 of Gao Li Zhang Road, Haidian District, Beijing (the “WFOE”); 

  

	(4)	 Beijing Xin Geng Yuan Technology Development Co., Ltd.
(北京心更远科技发展有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B202, Block B, No.101
of Wangjing Lize Zhongyuan, Chaoyang District, Beijing (the “Domestic Company”, collectively with the WFOE, the “PRC Companies”); 

 

	(5)	 the party listed in Schedule 1 (the “Investor”); and 

 

	(6)	 the parties listed in Schedule 2 (the “Founder Parties”, and each a “Founder
Party”); 

 Each of the parties listed above is referred to herein individually as a “Party” and
collectively as the “Parties”. 
 WHEREAS 
  

	(A)	 Immediately prior to the Completion, the Company has an authorized capital of US$50,000 divided into (i)
349,900,312 Ordinary Shares of a par value of US$0.0001 per share, 64,750,255 of which are issued and outstanding; (ii) 22,973,381 Series A Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; (iii) 30,994,766
Series B Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; (iv) 33,367,574 Series B+ Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; (v) 29,167,458 Series C Shares of a par
value of US$0.0001 per share, all of which are issued and outstanding; and (vi) 33,596,509 Series D Shares of a par value of US$0.0001 per share, all of which are issued and outstanding. All issued and outstanding shares have been fully paid (or
credited as fully paid). The capitalization of the Company immediately prior to the Completion Date is set out in Part A of Exhibit B hereto. Further particulars of the Group Companies and the Founder Parties are set out in Schedule 2
and Schedule 3. The Company has adopted an employee share option plan (the “ESOP”), under which the Company has reserved a total of 29,183,325 Ordinary Shares, representing 12.1425% of the fully-diluted capitalization of the
Company for issuance of restricted shares or issuance of shares pursuant to share options granted under the ESOP, of which 3,693,409 Ordinary Shares has been issued to and held in trust by Venus Mission Limited, the Founder Holdco wholly owned by
Luo Jian (“Founder Holdco ESOP Shares”). 

  
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	(B)	 The Company hereby agrees to issue and sell to the Investor and the Investor hereby agrees to subscribe for and
purchase from the Company the Subscription Shares (as defined below) pursuant to the terms and conditions of this Agreement. 

  

	(C)	 NOW IT IS HEREBY AGREED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 In this Agreement, including the Recitals and the Schedules, the following expressions shall, except where the
context otherwise requires, have the following meanings: 

 “Action” has the meaning ascribed to it in
Clause 11 of Schedule 4; 
 “Agreement” means this Share Subscription Agreement; 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by
or is under common Control with such Person, and the term “affiliated” has the meaning correlative to the foregoing. 

“Anti-Corruption Laws” means any anti-bribery or anti-corruption Laws (including Laws that prohibit the corrupt payment,
giving, offer, promise, or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any Government Official, commercial entity or any other Person to obtain a business advantage)
applicable to the Group and its operations from time to time, including without limitation (i) the U.S. Foreign Corrupt Practices Act of 1977, (ii) the UK Bribery Act of 2010, (iii) any legislation adopted in furtherance of the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, and (iv) any similar Laws in any other jurisdiction in which any entity of the Group operates, in each case as amended from time to time. 

“Anti-Corruption Prohibited Activity” means offering, paying, promising to pay or authorizing the payment of any money or the
giving of anything of value to any Government Official, or to any other Person, for the purpose of (i) influencing any act or decision of such Government Official in his official capacity, (ii) inducing such Government Official to do or
omit to do any act in relation to his lawful duty, (iii) securing any improper advantage, or (iv) inducing such Government Official to influence of affect any act or decision of any Governmental Authority, in each case, in order to assist
the Person carrying out such activity in obtaining or retaining business for or with, or in directing business to, any Person, or any other activity prohibited by any Anti-Corruption Laws. 

“Anti-Money Laundering Laws” means any anti-money laundering-related Laws and codes of practice applicable to the Group and
its operations from time to time, including without limitation (i) the EU Anti-Money Laundering Directives and any laws, decrees, administrative orders, circulars, or instructions implementing or interpreting the same, and (ii) the
applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transaction Reporting Act of 1970. 

  
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 “Applicable Law(s)” or “Law(s)” means and includes
statutes, enactments, acts of legislature or the parliament, laws, regulations, ordinances, notifications, rules, judgments, Orders, decrees, by-laws, approvals from the concerned authority (including a
Governmental Authority), resolutions, directives, guidelines, policies, requirements, or other governmental restrictions or any similar form of decision of, or determination by, or any interpretation or adjudication having the force of law of any of
the foregoing, by any concerned Governmental Authority having jurisdiction over the matter in question. 
 “Associate”
means, with respect to any Person, (1) a corporation or organization (other than the Group Companies) of which such Person is an officer or partner or is, directly or indirectly, the record or beneficial owner of ten percent (10%) or more of
any class of Equity Securities of such corporation or organization, (2) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (3) any
child, brother, sister, parent or spouse of such Person, or any child, brother, sister, parent of the spouse. 
 “Balance Sheet
Date” has the meaning ascribed to it in Clause 16 of Schedule 4; 
 “Board” or “Board of
Directors” means the board of directors of the Company; 
 “Business” means the live online educational courses for
children aged 3-12 conducted by the Company, its consolidated subsidiaries and the PRC Companies; 

“Business Day” means any day, other than a Saturday, Sunday or other day on which the commercial banks in Cayman
Islands, Hong Kong, New York City or PRC are authorized or required to be closed for the conduct of regular banking business; 

“CFC” has the meaning ascribed to it in Clause 6.2(a); 

“Code” has the meaning ascribed to it in Clause 6.2(a); 

“Completion” has the meaning ascribed to it in Clause 4.1(a); 

“Completion Date” has the meaning ascribed to it in Clause 4.1(a); 

“Conditions” means the conditions precedent to the Completion set out in Clause 2; 

“Consents” includes an approval, authorisation, exemption, filing, licence, order, permission, permit, recording or
registration, certificate or declaration, or report or notice to, any Person, including any governmental authority; 

“Constitutional Documents” has the meaning ascribed to it in Clause 13 of Schedule 4; 

“Control”, “Controls”, “Controlled” (or any correlative term) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise. For the purpose of this
definition, a Person shall be deemed to Control another Person if such first Person, directly or indirectly, owns or holds more than 50% of the voting equity interests in such other Person; 

  
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 “Conversion Shares” mean the Ordinary Shares issuable upon conversion of
any Series D Shares; 
 “Disclosing Party” has the meaning ascribed to it in Clause 12.3; 

“Domestic Company” has the meaning ascribed to it in the preamble; 

“Environmental Claim” has the meaning ascribed to it in Clause 19 of Schedule 4; 

“Environmental Laws” has the meaning ascribed to it in Clause 19 of Schedule 4; 

“ESOP” has the meaning ascribed to it in the recitals; 

“Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership
interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to
acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing. 
 “Equity Transfer
Documents” has the meaning ascribed to it in Clause 6.6(a); 
 “Event of Force Majeure” has the
meaning ascribed to it in Clause 19; 
 “Exhibits” mean the exhibits of this Agreement; 

“Export Control Laws” means the U.S. Export Administration Act, U.S. Export Administration Regulations, U.S. Arms Export
Control Act, U.S. International Traffic in Arms Regulations, and their respective implementing rules and regulations and the U.K. Export Control Act 2002 (as amended and extended by the Export Control Order 2008) and its implementing rules and
regulations. 
 “Financial Statements” has the meaning ascribed to it in Clause 16 of Schedule 4; 

“FCPA” has the meaning ascribed to it in Clause 26 of Schedule 4; 

“Founder” or “Founders” has the meaning set forth in Schedule 2; 

“Founder Holdco” or “Founder Holdcos” has the meaning set forth in Schedule 2; 

“Founder Holdco ESOP Shares” has the meaning ascribed to it in the recitals; 

“Founder Party” or “Founder Parties” has the meaning ascribed to it in the preamble; 

“Fun Kingdom” means Fun Kingdom Limited; 

  
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 “Government” or “Governmental Authority” means:
(a) any supranational, national, state, city, municipal, county or local government, governmental authority or political subdivision thereof; (b) any agency or instrumentality of any of the authorities referred to in (a) above;
(c) any regulatory or administrative authority, body or other similar organization, to the extent that the rules, regulations, standards, requirements, procedures or orders of such authority, body or other organization have the force of Law;
(d) any court or tribunal having jurisdiction; or (e) the governing body of any stock exchange(s). 
 “Government
Official” means any officer, employee or other person acting in an official capacity on behalf of (a) any Governmental Authority or any department or agency of a Government, including elected officials, judicial officials, civil
servants and military personnel, children, spouses, siblings or parents of a Government Official; (b) any public international organization, such as the World Bank; (c) any company, business or instrumentality that is owned or Controlled by a
Governmental Authority; and (d) any political party, as well as candidates for political office. 
 “GGV” means GGV VII
Investments, L.L.C. and GGV VII Plus Investments, L.L.C. and/or any of its Affiliates; 
 “GGV SSA” means the share
subscription agreement dated July 30, 2019 by and among the Group Companies, the Founder Parties, GGV and certain other parties therein relating to the issuance and sale of Series D Shares; 

“Group Companies” means the Company, the HK Co, the PRC Companies, and their respective Subsidiaries from time to time,
particulars of which are set out in Schedule 3; 
 “Group Company” means any one of the Group Companies; 

“Group Company Contract” has the meaning ascribed to it in Clause 10 of Schedule 4. 

“GSR” means GSR 2017 Opportunities (Singapore) Pte. Ltd.; 

“HKIAC” has the meaning ascribed to it in Clause 17.3; 

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC; 

“HK Co” has the meaning ascribed to it in the preamble; 

“Indemnifiable Losses” has the meaning ascribed to it in Clause 7.1; 

“Indemnitees” has the meaning ascribed to it in Clause 7.1 and “Indemnitee” means
any one of them; 
 “Investor” has the meaning ascribed to it in the preamble; 

“Key Employees” means the employees as set forth in the Exhibit C of this Agreement; 

“Lightspeed” means Lightspeed China Partners III, L.P.; 

“Management Rights Letter” means the management rights letter to be issued by the Company to the Investor on or before
the Completion, substantially in the form and substance as set forth in Exhibit J of this Agreement. 

  
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 “Material Adverse Effect” means (i) a material adverse effect on the
business (as presently conducted and proposed to be conducted), assets (including intangible assets), affairs, liabilities, condition (financial or otherwise), properties, prospects or results of operations of the Group Companies, taken as a
whole; (ii) material impairment of the ability of any Warrantor to any of the Transaction Documents to perform the material obligations of such party under any Transaction Documents; or (iii) material impairment of the validity or
enforceability of this Agreement of any other Transaction Documents against any Warrantor hereto or thereto. 
 “Materials of
Environmental Concern” has the meaning ascribed to it in Clause 20 of Schedule 4; 

“Non-Disclosing Parties” has the meaning ascribed to it in Clause 12.3;

 “Ordinary Shares” means ordinary shares of par value of US$0.0001 each in the capital of the Company; 

“Person” means any individual, sole proprietorship, partnership, firm joint venture, estate, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, entity or governmental authority or other entity of any kind or nature; 

“PRC” means the People’s Republic of China; 

“PRC Companies” has the meaning ascribed to it in the preamble; 

“PRC GAAP” has the meaning ascribed to it in Clause 16 of Schedule 4; 

“Preferred Directors” has the meaning ascribed to it in the Shareholders’ Agreement. 

“Preferred Shareholder” means any holder of Preferred Shares; 

“Preferred Shares” means any of the preferred shares of the Company, including the Series A Shares, the Series B
Shares, the Series B+ Shares, the Series C Shares and the Series D Shares; 
 “Proprietary Assets” has the meaning ascribed
to it in Clause 9(a) of Schedule 4; 
 “Registered Intellectual Property” has the meaning ascribed to it in
Clause 9(a) of Schedule 4; 
 “Relevant Period” has the meaning ascribed to it in Clause 6.1; 

“Restated M&A” means the seventh amended and restated memorandum and articles of association of the Company as set
forth in Exhibit E of this Agreement, and any amendments thereto from time to time; 
 “Restructuring Documents”
means the Exclusive Business Cooperation Agreement, the Equity Interest Pledge Agreement, Exclusive Option Agreement, Exclusive Business Cooperation Agreement, Power of Attorney and Spousal Consents entered into by and among the WFOE, the
Domestic Company and/or the shareholders of the Domestic Company dated on or before the Completion, in the form and substance as set out in Exhibit I of this Agreement; 

  
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 “Restriction Period” has the meaning ascribed to it in Clause 6.1
(a); 
 “Returns” has the meaning ascribed to it in Clause 18 (a) of Schedule 4; 

“RMB” means Renminbi, the lawful currency of the People’s Republic of China; 

“SAFE” means the PRC State Administration of Foreign Exchange; 

“SAFE No. 37 Notice” means the Notice on Issues Relating to the Administration of
Foreign Exchange in Overseas Investment, Fund-raising and Reverse Investment Activities of Domestic Residents Conducted via Offshore Special Purpose Companies
(《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇
 管理有关问题的通知》) issued by the SAFE on July 14, 2014 and any of its implementing measures or guidelines, in relation to the transactions contemplated under this Agreement; 

“Sanctioned Person” means (a) any Person that is the subject or target of Sanctions (including but not limited to
any Person that is designated on the list of “Specially Designated Nationals and Blocked Persons” administered by the U.S. Treasury Department’s Office of Foreign Assets Control, or on any list of any economic or financial sanctions
administered by the U.S. State Department, the United Nations, the European Union or any member state thereof, the United Kingdom, or any similar list maintained by, or public announcement of Sanctions designation made by, any applicable national
economic sanctions authority), (b) any government, national, or resident of, or legal entity located in or organized under, the laws of a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation
Cuba, Iran, North Korea, Syria, or the Crimea region of Ukraine), (c) any Person who is owned 50% (fifty percent) or more, or Controlled, by any of the foregoing, or (d) any Person with whom business transactions, including exports and re-exports, would violate Sanctions. 
 “Sanctions” means all trade, economic and
financial sanctions Laws administered, enacted or enforced from time to time by (i) the United States (including without limitation the Department of Treasury, Office of Foreign Assets Control and the United States Department of State),
(ii) the European Union and enforced by its member states, (iii) the United Nations, (iv) the United Kingdom (including without limitation Her Majesty’s Treasury), or (v) any other similar Governmental Authority with regulatory
authority over the Company or any Subsidiary from time to time. 
 “Schedules” means the schedules of this Agreement; 

“Series A Shares” means series A redeemable convertible preferred shares of par value of US$0.0001 each in the capital
of the Company; 
 “Series B Shares” means series B redeemable convertible preferred shares of par value of US$0.0001
each in the capital of the Company; 

  
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 “Series B+ Shares” means series B+ redeemable convertible preferred shares
of par value of US$0.0001 each in the capital of the Company; 
 “Series C Shares” means series C redeemable
convertible preferred shares of par value of US$0.0001 each in the capital of the Company; 
 “Series D Shares” means
series D redeemable convertible preferred shares of par value of US$0.0001 each in the capital of the Company; 

“Shareholders’ Agreement” means the fifth amended and restated shareholders’ agreement to be entered into
among the Investor, the Company, the HK Co, the PRC Companies, the Founder Parties and certain other parties thereto, substantially in the form and substance as set forth in Exhibit F of this Agreement; 

“Shares” means all shares of the Company, including the Ordinary Shares, the Series A Shares, the Series B Shares, the
Series B+ Shares, the Series C Shares and the Series D Shares; 
 “Share Restriction Agreements” means the fifth amended and
restated share restriction agreements to be entered into by and among the Investor, the Company, each of the Founder Parties respectively and certain other parties thereto, substantially in the form and substance as set forth in Exhibit
K of this Agreement; 
 “Subpart F Income” has the meaning ascribed to it in Clause 6.2(a); 

“Subscription Price” means US$20,000,000 for a total of 12,016,993 Series D Shares or US$1.66430988 per Series D Share;

 “Subscription Shares” means a total of 12,016,993 Series D Shares to be issued to the Investor pursuant to this
Agreement; 
 “Tax Indemnifiable Loss” has the meaning ascribed to it in Clause 7.2; 

“Transaction Documents” means this Agreement, the Shareholders’ Agreement, the Restated M&A, the Share
Restriction Agreements, the Restructuring Documents, the Management Rights Letter, the exhibits attached to any of the foregoing and any other document, certificate, and agreement delivered in connection with the transactions contemplated hereby and
thereby; 
 “US$” or “US Dollar” means United States dollars, the lawful currency of the United States of
America; 
 “Warranties” means the representation, warranties and undertakings as set out in Clause 5 and
Schedule 4; 
 “Warrantors” means the Founder Parties and the Group Companies collectively and
“Warrantor” means any one of them; 
 “WFOE” has the meaning ascribed to it in the preamble; 

“WFOE Capital Injection Amount” has the meaning ascribed to it in Clause 6.18; and 

  
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 “Written Resolutions” means the written resolutions of the shareholders of
the Company in form and substance satisfactory to the Investor where the shareholders of the Company agree to, among other things, amend the Memorandum and Articles of Association of the Company, and approve the terms and conditions of the
Shareholders’ Agreement. 
  

	1.2	 In this Agreement: 

  

	 	(a)	 references to recitals, Clauses, sub-Clauses, Schedules and Exhibits
are to the Clauses and sub-Clauses of, and the recitals, Schedules and Exhibits to, this Agreement; 

  

	 	(b)	 references to any statutory provision or any rule or regulation (whether or not having the force of law) shall
be construed as references to the same as amended, varied, modified, consolidated or re-enacted from time to time and to any subordinate legislation made under such statutory provision; 

 

	 	(c)	 references to parties are to parties of this Agreement; 

 

	 	(d)	 words importing the singular include the plural and vice versa, words importing one gender include every
gender, and references to persons include bodies corporate and unincorporated; 

  

	 	(e)	 headings are for ease of reference only and shall not affect the interpretation of this Agreement;

  

	 	(f)	 references to a document in the “agreed form” are references to a document the form of which
has been or may from time to time be agreed among all parties hereto; and 

  

	 	(g)	 the terms “tax” and “taxes” shall include all taxes, assessments, duties, tariffs,
registration fees, and other governmental charges in the nature of taxes including all income, franchise, property, production, sales, use, payroll, license, windfall profits, value added, severance, withholding, excise, gross receipts and other
taxes, as well as any interest, additions or penalties relating thereto and any interest in respect of such additions of penalties. 

  

	1.3	 The recitals, the Schedules and the Exhibits form parts of this Agreement and shall have the same force and
effect as if expressly set out in the body of this Agreement and any reference to this Agreement shall include the Recitals, the Schedules and the Exhibits. 

  

	1.4	 All references to dates and time are, unless the context requires otherwise, to Hong Kong time.

  

	2.	 CONDITIONS PRECEDENT 

 

	2.1	 The obligations of the Investor to purchase the Subscription Shares and pay the Subscription Price on the
Completion Date in accordance with Clause 3 hereof shall be conditional on the fulfilment of all of the following Conditions (subject to any waiver in written form by the Investor in its absolute discretion of any or all of the Conditions):

  
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	 	(a)	 the Written Resolutions having been duly approved and passed by the shareholders and the board of directors of
the Company and remaining valid and effective as at the Completion, and the Restated M&A, in the form attached hereto as Exhibit E, having been adopted accordingly; 

 

	 	(b)	 the issue and allotment of the Subscription Shares to the Investor pursuant to the terms of this Agreement, the
execution of the Transaction Documents to which it is a party, and the performance of its obligations hereunder and thereunder having been duly approved by the shareholders and directors of the Company; 

 

	 	(c)	 each of the Founder Holdcos, the PRC Companies and the HK Co having provided to the Investor true copies of the
shareholders’ resolutions and/or the board resolutions (as required under laws of its jurisdiction) to approve the execution of the Transaction Documents to which it is a party, and the performance of its obligations hereunder and thereunder;

  

	 	(d)	 execution and delivery of the Shareholders’ Agreement in the form attached hereto as Exhibit F, by
the parties to the Shareholders’ Agreement (other than the Investor); 

  

	 	(e)	 all the Warranties remaining true and correct at all times as from the signing of this Agreement up to the
Completion, as if they were made and repeated on and as of the Completion; 

  

	 	(f)	 no Material Adverse Effect having occurred, and no event having occurred or arising, and no circumstance
existing, that would reasonably be expected to result in a Material Adverse Effect; 

  

	 	(g)	 no provision of any applicable laws shall prohibit the consummation of any transactions contemplated by the
Transaction Documents; 

  

	 	(h)	 all Consents of any competent governmental authority or of any other Person that are required for the entering
into and performance of the Transaction Documents and the implementation of the transactions therein contemplated having been obtained and remaining valid and effective as at Completion; 

 

	 	(i)	 the Company having delivered to the Investor a copy of the updated Register of Members certified by the
registered office provider or a director of the Company as required pursuant to Clauses 4.3(e); 

  

	 	(j)	 each of the Key Employees having entered into an employment contract, a
non-competition, non-solicitation, confidentiality, proprietary information and invention assignment agreement with the appropriate Group Company in substantially the
form attached hereto as Exhibit G, Exhibit H-1 and Exhibit H-2; 

  

	 	(k)	 except as required or contemplated by this Agreement or the Shareholders’ Agreement, no resolution of the
directors or members of any of the Group Companies having been passed nor having any contract or commitment been entered into prior to the Completion without the prior written consent of the Investor, except for the purposes of giving effect to the
transactions contemplated by this Agreement, or the Shareholders’ Agreement and except for those made during the ordinary course of business; 

  
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	 	(l)	 each of the Company and the Founders having delivered to the Investor a certificate of compliance dated the
Completion Date and signed by a director of the Company and the Founders certifying that (i) all of the conditions set forth in this Clause 2.1 have been fulfilled and stating that there having been no Material Adverse Effect since the
Balance Sheet Date; (ii) all corporate and other proceedings on the part of the Warrantors in connection with the transactions to be completed at the Completion and all documents incident thereto, including without limitation written approval
from the board of directors and all of the then current holders of equity interests of each Group Company, as applicable, with respect to this Agreement and the other Transaction Documents shall have been completed, and each Group Company shall have
delivered to the Investor all such counterpart copies of such documents as the Investor may reasonably request; (iii) attaching thereto (aa) the Constitutional Documents of the Group Companies as then in effect, (bb) copies of all resolutions
approved by the shareholders and boards of directors of each Group Company related to the transactions contemplated hereby, and (cc) copies of good standing certificate with respect to the Company from the applicable authority dated no more
than fifteen (15) days prior to the Completion, with respect to the Group Companies which are incorporated under the laws of the PRC, the business licenses of such entity. 

 

	 	(m)	 all corporate proceedings on the part of the Group Companies in connection with the transactions contemplated
at the Completion having been taken to the reasonable satisfaction of the Investor, and the Investor having received all such counterpart originals or certified or other copies of such documents as it may reasonably request; 

 

	 	(n)	 the Group Companies and the Founder Parties having performed and complied with all agreements, obligations and
conditions contained in this Agreement and ancillary agreements that are required to be performed or complied with by them on or before the Completion; 

  

	 	(o)	 the management rights letter in form attached hereto as Exhibit J having been duly executed and
delivered to the Investor; 

  

	 	(p)	 the Company and the Founder Parties having executed and delivered to the Investor the Share Restriction
Agreements in the form attached hereto as Exhibit K; 

  

	 	(q)	 the Investor having received reasonably satisfactory evidence that the Group Companies have duly obtained all
required and appropriate permits and licenses for conducting the Business, except as otherwise provided in this Agreement; and 

  

	 	(r)	 each of the Restructuring Documents listed in Exhibit I hereto shall have been duly executed and
delivered by the parties thereto. 

  
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	2.2	 In the event that any of the Conditions specified in Clause 2.1 has not been fulfilled (or waived by the
Investor in writing) before August 31, 2019 after the signing of this Agreement (or such later date as the Company and the Investor may mutually agree in writing), the obligations of the Investor under this Agreement may be terminated by
written notice by the Investor or the Company to other Parties, at such Party’s own election and discretion, after which this Agreement shall be of no further force or effect with respect to the Investor. 

 

	2.3	 Each of the Group Companies and the Founder Parties shall use its best endeavours to procure the fulfilment of
the Conditions on or before the date set forth in Clause 2.2. 

  

	3.	 AGREEMENT TO SUBSCRIBE FOR SHARES 

 

	3.1	 As of the Completion, the Company shall have authorized (a) 500,000,000 shares with par value of US$0.0001 per
share, among which, 45,613,502 shares shall be designated as Series D Shares, 29,167,458 shares shall be designated as Series C Shares, 33,367,574 shares shall be designated as Series B+ Shares, 30,994,766 shares shall be designated as Series B
Shares, 22,973,381 shares shall be designated as Series A Shares and the other 337,883,319 shares as Ordinary Shares; (b) the issuance, pursuant to the terms and conditions of this Agreement, of 12,016,993 Series D Shares having the rights,
preferences, privileges and restrictions as set forth in the Restated M&A, which shall have been duly adopted by the Company as of the Completion and the Shareholders’ Agreement, and (c) reservation of at least 45,613,502 Ordinary
Shares for conversion of the Series D Shares. 

  

	3.2	 At the Completion, the Investor shall, subject to the terms and conditions of this Agreement, pay the
Subscription Price by wire transfer of immediately available funds in the aggregate amount as set forth on Schedule 1 hereto to the bank account designated by the Company. 

 

	3.3	 At the Completion, the Company shall, subject to the terms and conditions of this Agreement, validly allot and
issue the Subscription Shares to the Investor, free from all charges, liens, encumbrances, equities or other third party rights, claims or interests. 

  

	4.	 COMPLETION 

 

	4.1	 Upon satisfaction (fulfilment or waiver according to Clause 2.2, if any) of the Conditions by the Group
Companies and the Founder Parties, the Completion shall take place remotely via exchange of electronic documents and signatures within fifteen (15) days after the fulfilment of the conditions as set forth in Clause 2.1 (the
“Completion Date”), or at such other place and time as the Company and the Investor shall mutually agree in writing (the “Completion”). 

 

	4.2	 At the Completion, the Investor shall: 

 

	 	(a)	 pay to the Company that amount set forth opposite the Investor’s name on Schedule 1 by depositing
such amount into the bank account designated by the Company on the Completion Date (for avoidance of doubt, the obligations of the Investor under Clause 4.2(a) shall be deemed satisfied by the delivery to the Company a copy of the bank
confirmation confirming the wiring of relevant portion of Subscription Price to the bank account designated by the Company); and 

  
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	 	(b)	 deliver or procure to be delivered to the Company a counterpart of the Transaction Documents duly executed by
the Investor. 

  

	4.3	 At the Completion, the Company shall deliver to the Investor: 

 

	 	(a)	 the original or a true copy of the board resolutions of the Company approving this Agreement and the other
Transaction Documents to which the Company is a party, and the entry into and performance of each of such documents by the Company including the allotment and issue of the Subscription Shares in accordance with the terms of this Agreement and the
issue and delivery of the share certificates to the Investor; 

  

	 	(b)	 a true and complete copy of the Written Resolutions; 

 

	 	(c)	 the certificate of compliance referred to in Clause 2.1(l) as of the Completion Date;

  

	 	(d)	 a true and complete copy (with the original to be delivered to the Investor as soon as possible after the
Completion) of the share certificate issued in the name of the Investor for the Subscription Shares, duly signed and sealed for and on behalf of the Company; 

  

	 	(e)	 a copy of the Register of Members of the Company as updated to reflect the Subscription Shares being purchased
by the Investor, and certified by the registered office provider or a director of the Company; and 

  

	 	(f)	 all other documentation the delivery of which is made an express Condition pursuant to Clause 2.1.

  

	5.	 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

 

	5.1	 Except as set forth in the Schedule of Exceptions, the Warrantors hereby jointly and severally represent,
warrant and undertake to the Investor that each of the matters set out in Schedule 4 are as of the date hereof true, complete and correct and will be for all times after the date hereof and up to and including the Completion Date true,
complete and correct. 

  

	5.2	 Each of the Warranties is without prejudice to any other Warranty and, except where expressly stated otherwise,
no provision contained in this Agreement shall govern or limit the extent or application of any other Warranty. 

  

	5.3	 Each of the Warrantors undertakes to notify the Investor in writing as soon as practicable of any matter or
event which becomes known to it prior to the Completion which may render any Warranty to be or to have been untrue or inaccurate. 

  

	5.4	 The rights and remedies of the Investor in respect of a breach of any Warranty shall not be affected by any due
diligence review or investigation made by or on behalf of the Investor into the affairs of any Group Company. 

  
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	5.5	 Notwithstanding any rule of law or equity to the contrary, any release, waiver or compromise or any other
arrangement of any kind whatsoever which the Investor may agree to or effect in relation to any of the Warrantors in connection with this Agreement, and in particular the Warranties, shall not affect the rights and remedies of the Investor as
regards to any other parties. 

  

	5.6	 Each of the Parties hereby severally represents and warrants to the other Parties that it has full power and
authority to enter into and perform this Agreement; this Agreement when executed and delivered by them shall constitute valid and legally binding obligations of such party enforceable in accordance with their respective terms. 

 

	5.7	 Each of the Warrantors undertakes, in relation to any Warranty which refers to his/its knowledge or
information, that he/it has made best enquiry into the subject matter of that Warranty and that he/it does not have the knowledge or information or belief that the subject matter of that Warranty may not be true, complete or accurate.

  

	5.8	 Each of the Warrantors hereby jointly and severally undertakes to the Investor to perform and procure the
performance of this Agreement, and undertakes to indemnify the Investor for any failure to perform this Agreement in accordance with Clause 7 of this Agreement. 

 

	6.	 POST-COMPLETION COVENANTS 

Each of the Warrantors hereby jointly and severally covenants to the Investor as is set forth in the remainder of this Clause 6. 

 

	6.1	 Non-Compete 

Each of the Founders acknowledges that the Investor agrees to invest in the Company and become a Preferred Shareholder on the basis of
continued and exclusive services of and full devotion and commitment by him to the Group Companies, and agrees that the Investor should have reasonable assurance of such basis of investment. Each of the Founders hereby undertakes to the Investor
that neither he nor will any of his associates, nominees, trustees or the like directly or indirectly: 
  

	 	(a)	 during the Relevant Period and for a period of two (2) years after expiration of the Relevant Period
(together, the “Restriction Period”), participate, assist, advise, consult, be concerned with, engaged or interested in, any business or entity in any manner, directly or indirectly, alone or in concert with others, which is in
competition with the business carried on by any Group Company at any time during the Restriction Period; 

  

	 	(b)	 during the Restriction Period, solicit in any manner any person who is or has been during the Restriction
Period a customer or client of any Group Company for the purpose of offering to such person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the Restriction Period;

  

	 	(c)	 during the Restriction Period, solicit or entice away, or endeavour to solicit or entice away, any employee or
officer of any Group Company; or 

  
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	 	(d)	 at any time disclose to any person, or use for any purpose, any information concerning the business, accounts,
finance, transactions or Intellectual Property rights of any Group Company or any trade secrets or confidential information of or relating to any of the Group Companies. 

Each undertaking in paragraphs (a), (b), (c), and (d) of this Clause 6.1 shall be treated as independent of the other undertakings
so that, if any of them is held to be invalid or unenforceable for any reason, the remaining undertakings shall be valid to the extent that they are not affected. 

Each of the Founders hereby expressly acknowledges and declares that he has duly considered the undertakings set out in this Clause 6.1
and considers that they are reasonable in the circumstances, and warrants and undertakes to the Investor that he shall not challenge or query the validity and enforceability of these undertakings. 

For the purposes of this Clause 6.1, “Relevant Period” means, in relation to each Founder and/or his associates,
nominees, trustees or the like, the period during which he or any of his associates, nominees, trustees or the like is a shareholder, director, employee and/or has any direct or indirect interest (legal or beneficial) in the capital of any of the
Group Companies. 
  

	6.2	 Tax Covenants 

The Warrantors jointly and severally undertake to the Investor that: 
  

	 	(a)	 Immediately after the Completion, the Company will not be a “Controlled Foreign Corporation”
(“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or any successor thereto) (the “Code”). The Company shall make due inquiry with its tax advisors on at least an annual basis regarding the
Company’s status as a CFC and regarding whether any portion of the Company’s income is “subpart F income” (as defined in Section 952 of the Code) (“Subpart F Income”). The Investor shall reasonably cooperate
with the Company to provide information about the Investor and the Investor’s partners in order to enable the Company’s tax advisors to determine the status of the Investor and/or any of the Investor’s partners as a “United
States Shareholder” within the meaning of Section 951(b) of the Code. No later than two (2) months following the end of each Company’s taxable year, the Company shall provide the following information to the Investor:
(i) the Company’s capitalization table as of the end of the last day of such taxable year, and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide the Investor with access to such other
Company information as may be necessary for the Investor to determine the Company’s status as a CFC and to determine whether the Investor or any of the Investor’s partners is required to report its pro rata portion of the Company’s
Subpart F Income on its United States federal income tax return, or to allow the Investor or the Investor’s partners to otherwise comply with applicable United States federal income tax laws. For purposes of the foregoing, (i) the term
“Investor’s partners” shall mean the Investor’s partners and/or members and any direct or indirect equity owners of such partners and/or members, and (ii) the “Company” shall mean the Company and any of its direct
or indirect subsidiaries. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for the Investor to be a CFC, the Company agrees to use commercially reasonable efforts to avoid generating Subpart
F Income. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for the Investor to be a CFC, the Company agrees to use commercially reasonable efforts to annually make dividend distributions to
the Investor, to the extent permitted by law, in an amount equal to 50% of any income of the Company that would have been deemed distributed to the Investor pursuant to Section 951(a) of the Code had the Investor been a “United States
person” as such term is defined in Section 7701(a)(30) of the Code. 

  
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	 	(b)	 The Company has never been, and, to the best of its knowledge after consultation with its tax advisors, will
not be with respect to its taxable year during which the Completion occurs, a “passive foreign investment company” within the meaning of Section 1297 of the Code. The Company shall use its best efforts to avoid being a “passive
foreign investment company” within the meaning of Section 1297 of the Code. In connection with a “Qualified Electing Fund” election made by the Investor or any of the Investor’s partners pursuant to Section 1295 of the
Code or a “Protective Statement” filed by the Investor or any of the Investor’s partners pursuant to Treasury Regulation Section 1.1295-3, as amended (or any successor thereto), the Company
shall provide annual financial information to the Investor in the form provided in Exhibit D hereto (or in such other form as may be required to reflect changes in applicable law) as soon as reasonably practicable following the end of each
taxable year of the Company (but in no event later than 90 days following the end of each such taxable year), and shall provide the Investor with access to such other Company information as may be required for purposes of filing U.S. federal income
tax returns of the Investor or the Investor’s partners in connection with any such Qualified Electing Fund election or Protective Statement. In the event that the Investor or any of the Investor’s partners who has made a “Qualified
Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits pursuant to Section 1293 of the Code, the Company agrees to make a dividend distribution
to the Investor (no later than 90 days following the end of the Company’s taxable year or, if later, 90 days after the Company is informed by the Investor that the Investor’s partner has been required to recognize such an income inclusion)
in an amount equal to 50% of the amount that would be included by the Investor if the Investor was a “United States person” as such term is defined in Section 7701(a)(30) of the Code and had the Investor made a valid and timely
“Qualified Electing Fund” election which was applicable to such taxable year. 

  

	 	(c)	 The Company shall take such actions, including making an election to be treated as a corporation or refraining
from making an election to be treated as a partnership, as may be required to ensure that at all times the Company is classified as a corporation for United States federal income tax purposes. The Company shall make due inquiry with its tax advisors
(and shall cooperate with the Investor’s tax advisors with respect to such inquiry) on at least an annual basis regarding whether the Investor or any of the Investor’s partners are subject to the reporting requirements of either or both of
Sections 6038 and 6038B of the Code (and the Company shall duly inform the Investor of the results of such determination), and in the event that the Investor or any of the Investor’s partners are determined by the Company’s tax advisors or
the Investor’s tax advisors to be subject to the reporting requirements of either or both of Sections 6038 and 6038B, the Company agrees, upon a request from the Investor, to provide such information to the Investor as may be necessary to
fulfil the Investor’s or the Investor’s partner’s obligations thereunder. 

  
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	6.3	 Regulatory Filings 

The Group Companies, the Founder Parties and the other direct or indirect holders or beneficial owners of Ordinary Shares (except for
Lightspeed China Partners III, L.P. and GSR Ventures VI (Singapore) Pte. Ltd. and GGV) shall duly complete all filings and registrations with the PRC authorities as required by the applicable laws and regulations, including but not limited to the
relevant filing and registrations with the Ministry of Commerce, the Ministry of Industry and Information Technology, the State Administration of Industry and Commerce, the SAFE, tax bureau, customs authority and the local counterpart of each of the
aforementioned governmental authorities, in each case, as applicable. 
  

	6.4	 Filing of Restated M&A 

Within fifteen (15) days following the Completion, the Restated M&A together with the special or written shareholders resolutions on
approving its adoption shall have been duly filed with the Registrar of Companies of the Cayman Islands. 
  

	6.5	 Compliance 

Each Group Company shall, and the Founder Parties shall cause each Group Company to, comply with all applicable laws in all material respects,
including not limited to, applicable PRC laws relating to telecommunication business, software, transportation, intellectual property, anti-monopoly, financing, taxation, lease, employment and social welfare and benefits and SAFE No. 37 Notice.
Without limiting the generality of the foregoing, as soon as practical after the Completion, each Group Company shall use its best efforts to obtain all licenses, consents, registrations and filings that are necessary to (i) own, lease,
license, or use current or future properties and assets, and (ii) to conduct or perform its business in the manner as presently conducted and intended to be conducted. Without prejudicing the generality of the foregoing, after the Completion
and upon the written request by the Investor, the relevant Group Company shall, and the Founder Parties shall cause such Group Company to, use reasonable best efforts to rectify any non-compliance with
applicable laws. 
  

	6.6	 Option to Purchase Equity Interest in the Domestic Company 

The Investor shall have an option, exercisable at its sole discretion by giving notice to the Company of its intention to so exercise at any
time after the Completion, to designate an Affiliate which shall be a PRC resident (as defined in SAFE No. 37 Notice), to purchase certain equity interest of the Domestic Company from the then shareholders of the Domestic Company, and the
Warrantors shall cause the then shareholders of the Domestic Company to transfer such equity interest of the Domestic Company to the Investor or its designated Affiliate, for an aggregate nominal consideration of RMB 1 or at other minimum prices to
the extent permitted by applicable laws, so that the Investor or its Affiliate (as applicable) shall hold the same shareholding percentage in the Domestic Company as it does in the Company. 

  
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	6.7	 Availability of Ordinary Shares. 

The Company hereby covenants that at all times there shall be made available, free of any liens, for issuance and delivery upon conversion of
the Subscription Shares such number of Ordinary Shares or other shares in the share capital of the Company as are from time to time issuable upon conversion of the Subscription Shares from time to time, and will take all steps necessary to increase
its authorized share capital to provide for sufficient number of Ordinary Shares issuable upon conversion of the Subscription Shares. 
  

	6.8	 Business of the Company and the HK Company. 

The business of the Company shall be restricted to the holding of shares or equity interest in the HK Co. The business of the HK Co shall be
restricted to the holding of shares or equity interest in the WFOE. 
  

	6.9	 Business of the PRC Companies. 

Prior to entering into any new business other than those in the scope of the Business, each Group Companies shall use its reasonable commercial
efforts and take all necessary actions to implement and carry out the new business plan as approved by the Board of Directors of the Company (including the approval of at least two-thirds (2/3) of all
Preferred Directors), including, without limitation, hiring employees, renting office space, employing legal and technical consultants and undertaking other customary business activities. From the Completion and until the new business plan is duly
amended in accordance with all necessary procedures, the business of the PRC Companies shall be limited to the Business. 
  

	6.10	 Use of Investor’s Name or Logo. 

Without the prior written consent of the Investor, and whether or not the Investor is then the shareholders of the Company, none of the Group
Companies, their shareholders (excluding the Investor), nor the Founders shall use, publish or reproduce the name of the Investor (or its Affiliates) or any similar names, trademarks or logos in any of their marketing, advertising or promotion
materials or otherwise for any marketing, advertising or promotional purposes, except for the fact of the equity investments and shareholding in the Group Companies by the Investor (and in any such case shall not disclose the aggregate or individual
investment amounts, pricing or ownership percentage, or any of the term of this Agreement, the Shareholders’ Agreement, the Restricted Share Agreements or any other Transaction Documents). 

  
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	6.11	 FCPA. 

Each of the Warrantors jointly and severally represents that it shall not and shall not permit any of its subsidiaries or Affiliates or any of
its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to promise, authorize or make any payment to, or otherwise contribute any item of value, including the proceeds of the transactions
under this Agreement, directly or indirectly, to any third party, including any Non-U.S. Official, in each case, in violation of the FCPA, the U.K. Bribery Act, or any other Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions and will not transfer any such proceeds to or for the benefit of any Sanctioned Person or otherwise in violation of Sanctions. Each of the Founder Parties and the Group Companies further represents that it shall, and
shall cause each of its subsidiaries and Affiliates to cease all of its or their respective activities, as well as remediate any actions taken by the Group Companies, its subsidiaries or Affiliates, or any of their respective directors, officers,
managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions. Each of the Founder Parties and the Group Companies
further represents that it shall and shall cause each of its subsidiaries and Affiliates to maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with
the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. 
  

	6.12	 Permit and License. 

To the extent permitted by the applicable laws, each of the Group Companies and the Founder Parties shall procure each of the Group Companies
to, use its best efforts to obtain and maintain in a timely manner all requisite consents and permits for conducting the ordinary course of business or any business to carry out in the future in compliance with all applicable laws. 

 

	6.13	 Exclusivity. 

From the date of this Agreement to the Completion, without the consent of the Investor, the Group Companies and the Founder Parties shall not
(i) discuss the sale of any securities of any Group Company with any third party, or (ii) to provide any information with respect to any Group Company to any third party in connection with a potential investment by such third party in any
securities of any Group Company, or (iii) to close any financing transaction of any securities of any Group Company with any third party. 
  

	6.14	 Employee Matters. 

The PRC Companies shall use its commercially reasonable efforts to comply with all applicable PRC labour laws and regulations in all material
respects, including without limitation, laws and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, and pensions. 

The PRC Companies shall use its commercially reasonable efforts to comply with all applicable PRC education laws and regulations in all
material respects, including without limitation, laws and regulations pertaining to the teaching and online education for children and teenagers aged 3-12. The PRC Companies shall use its commercially
reasonable efforts to hire employees who have the qualification for the teaching and educations with respect to children and teenagers aged 3-12. 

  
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	6.15	 Tax Matters. 

The PRC Companies shall comply with all applicable PRC tax laws and regulations in all material respects, including without limitation, laws
and regulations pertaining to income tax, value added tax and business tax. 
  

	6.16	 Tax Basis in Relation to an Indirect Transfer. 

Within one hundred and eighty (180) days following the Completion, all of the Subscription Price shall have been injected into the WFOE as
the registered capital of the WFOE with copies of documents evidencing the same provided to the Investor (such injected amount, the “WFOE Capital Injection Amount”). Each of the Warrantors, jointly and severally, agrees that
(i) in the event of a subsequent sale of Shares in the Company by the Investor, it shall ensure that the Investor is entitled to apply all Subscription Price paid by the Investor to its indirect basis in the equity (or equity cost) of the WFOE
with respect to any tax filing, tax position and other communication with the relevant PRC tax authorities for purposes of determining any income tax, capital gains tax, withholding tax and any late payment interest and/or penalties derived thereto,
or any other tax calculated with reference to gains made through the subscription, purchase and sale of the Company’s Shares, and (ii) it shall use its commercially reasonable efforts to not take any position that is inconsistent with (or
would otherwise adversely impact the credibility of) clause (i) above in its filings or other communications with the relevant PRC tax authorities. Notwithstanding anything to the contrary herein, the Warrantors shall indemnify the Investor
against all Indemnifiable Losses, in connection with the Investor’s sale of its shares, levied on the Investor by the relevant PRC tax authorities as the result of the tax base for such Shares determined by the relevant PRC tax authorities
being less than all Subscription Price paid by the Investor for such Shares. 
  

	6.17	 Employment Agreement and Confidentiality, Non-Competition and
Intellectual Property Rights Agreements. 

 The Group Companies shall cause the Founder and each of their respective
current and future employees to enter into an employment agreement in form and substance satisfactory to the Board (including the affirmative votes of at least two-thirds (2/3) of the directors appointed by
the holders of the Preferred Shares). The Group Companies shall cause the Founder and each of their respective current and future employees and consultants to enter into a confidentiality, non-competition and
proprietary information and inventions agreement in form and substance satisfactory to the Board (including the affirmative votes of at least two-thirds (2/3) of the directors appointed by the holders of the
Preferred Shares). 
  

	6.18	 Lease. 

As soon as practicable after the Completion, the Warrantors shall cause the PRC Companies to register their leases with competent local housing
authorities to file such records so that the leases of the PRC Companies are properly filed and registered in compliance with relevant PRC Laws. 

  
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	6.19	 Intellectual Property. 

The Group Companies shall establish and maintain appropriate intellectual property protection systems to protect the intellectual property of
the Group Companies. Without limiting the generality of the foregoing sentence, the Group Companies shall, and other Warrantors shall cause the Group Companies to complete the registration of the trademark, patents, copyrights, domain names and
other intellectual property related to the operation of the Business of the Group Companies as soon as applicable. The Group Companies shall, and the Founders shall cause the Group Companies to fully comply with the laws and regulations in respect
of the protection of the intellectual property and refrain from infringing from the intellectual property of other parties. 
  

	6.20	 WFOE’s Registered Capital 

As soon as practicable after the Completion, the Founders and the Group Companies shall procure the registered capital of the WFOE to be fully
paid in accordance with the charter documents of the WFOE and applicable laws and regulations. 
  

	6.21	 Transfer of Assets. 

 

	 	(a)	 Transfer of Intellectual Property and Business Contracts. When and as advised by the underwriter of the
Company prior to its initial public offering, (i) the intellectual property and the business contracts of the Domestic Company shall, to the maximum extent permitted by the applicable laws, be transferred to the WFOE; (ii) to the maximum
extent permitted by the applicable laws, any future intellectual property of the Group Companies shall be owned in the WFOE’s name and any future business contract shall be entered into by the WFOE; and (iii) the WFOE shall be primarily
responsible for the research and development of technology related to the Business. 

  

	 	(b)	 Transfer of Employees. Within twelve (12) months following the Completion (as defined in the GGV
SSA) or any later time as agreed by the Investor, to the maximum extent permitted by the applicable laws, the employment relationship of the Key Employees, as requested by the Investor, shall have been transferred to the WFOE. 

 

	6.22	 SAFE Amendment Registration. 

If and to the extent required by applicable law, the Founder Parties shall, with respect to both of the Ordinary Shares and Preferred Shares
held by them, and the Warrantors shall cause each of other direct and indirect holders or beneficial owners of the Ordinary Shares (except for direct or indirect holders of Lightspeed, GSR and GGV) to amend and update each of their registrations
with SAFE in respect of the financing of the Company contemplated hereunder, and shall deliver to the Investor and its counsel satisfactory evidence for completion of such amendment registration. 

  
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	6.23	 Covenants between Signing and Completion. 

 

	 	(a)	 Between the date hereof and the Completion, except as the Investor otherwise agrees in writing or for the
transactions contemplated under the Transaction Documents, each of the Group Companies shall (i) conduct its business in the ordinary course consistent with past practice, as a going concern and in compliance with all applicable laws,
(ii) pay or perform its debts, Taxes, and other obligations when due, (iii) maintain its assets in a condition comparable to their current condition, reasonable wear, tear and depreciation excepted, (iv) use reasonable best efforts to
preserve intact its current business organizations and keep available the services of its current officers and employees and preserve its relationships with customers, suppliers and others having business dealings with it, (v) otherwise
periodically report to the Investor concerning the status of its business, operations and finance, and (vi) take all actions reasonably necessary, to consummate the transactions contemplated by this Agreement promptly, including the taking of
all reasonable acts necessary to cause all of the conditions precedent of the Investor to be satisfied. 

  

	 	(b)	 From the date hereof until the Completion, (i) the Company shall promptly notify the Investor in writing
of any Action commenced or threatened against any Group Company, (ii) each Party hereto shall promptly notify the other Parties of any breach, violation or non-compliance by of any representation,
warranty or covenant made by such Party hereunder, and (iii) each Party will promptly provide the other Parties with copies of all correspondence and inquiries to and from, and all filings made with, any governmental authority with respect to
the transactions contemplated hereby. 

  

	6.24	 Negative Covenants between Signing and Completion. 

Between the date hereof and the Completion, except as the Investor otherwise agrees in writing or for the transactions contemplated under the
Transaction Documents, none of the Group Companies shall (and the Warrantors shall not permit any of the Group Companies to) (a) take any action that would make any Warranties inaccurate at the Completion, (b) waive, release or assign any
material right or claim, (c) take any action that would reasonably be expected to materially impair the value of the Group Companies, (d) sell, purchase, assign, lease, transfer, pledge, encumber or otherwise dispose of any material asset,
(e) issue, sell, or grant any Share unless otherwise pursuant to the Transaction Documents, (f) declare, issue, make, or pay any dividend or other distribution with respect to any Share, (g) incur any indebtedness for borrowed money
or capital lease commitments or assume or guarantee any indebtedness of any Person, (h) enter into any contract or other transaction with any related party unless otherwise pursuant to the Transaction Documents, (i) make or permit any
amendment to or effect any termination of any Group Company Contract, enter into any new contract that would have been a Material Contract if in effect on the date hereof, or make any amendment to or waiver under any Constitutional Document;
(j) make or permit any change in any compensation arrangement or contract with any Key Employee, or adoption of any new ESOP, or made any change in any existing ESOP; (k) make or permit any change in accounting methods or practices or any
revaluation of any of its assets; or (l) authorize, approve or agree to any of the foregoing. If at any time before the Completion, any of the Warrantors comes to know of any material fact or event which: 

  
 23 

	 	(a)	 is in any way materially inconsistent with any of the Warranties given by each Warrantor, subject to any
qualification by the Schedule of Exceptions, 

  

	 	(b)	 suggests that any material fact warranted may not be as warranted or may be materially misleading, or

  

	 	(c)	 might affect the willingness of a reasonable investor in making a prudent decision to purchase the Subscription
Shares or the amount of consideration which the Investor would be prepared to pay for the Subscription Shares, 

 such
Warrantor shall give immediate written notice thereof to the Investor in which event the Investor may within five (5) Business Days of receiving such notice terminate this Agreement by written notice without any penalty whatsoever and without
prejudice to any rights that the Investor may have under this Agreement or applicable law, provided, that, if (i) the event described in (a), (b) or (c) above would not, result or reasonably be expected to result, in a Material Adverse
Effect, and (ii) in each case such event is, and is so cured within thirty (30) days thereof, then this Agreement may not be terminated under this Clause 6.27. If this Agreement is terminated in the event of (a) or (b) above,
or in the event of (c) above when such fact or event is caused by the Company, solely in the event of fraud or gross negligence by any Warrantor, each Warrantor shall jointly and severally indemnify the Investor against all costs, charges and
expenses incurred by it in connection with the negotiation, preparation and termination of this Agreement and other Transaction Documents. 
  

	6.25	 Onshore Transfer 

As soon as practicable after the Completion but no later than two (2) months after the Completion (as defined in the GGV SSA), the
Domestic Company shall, and the other Warrantors shall cause the Domestic Company to duly register with the State Administration for Industry and Commerce of the Onshore Transfer. 

 

	6.26	 Registration of Equity Pledge 

As soon as practicable after the Completion but no later than three (3) months after the Completion (as defined in the GGV SSA), the
Domestic Company shall, and the other Warrantors shall cause the Domestic Company to duly register with the State Administration for Industry and Commerce of the equity pledge contemplated under the relevant Equity Pledge Agreements (
股权质押协议 ) in the Restructuring Documents. 
  

	6.27	 Business Termination 

As soon as practicable after the Completion, the PRC Companies shall use its reasonable commercial efforts and take all necessary actions to
complete the refund of all deposit, advanced payment, membership fees and other similar fees (if any) received from the customers with respect to the business of online toy rental used to be conducted by the PRC Companies. 

 

  
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	6.28	 Tax under Announcement 7. 

Venus Mission Limited shall, and Warrantors shall procure Venus Mission Limited to, perform the tax withholding duties in connection with the
purchase of shares of the Company from Wan Duoduo Goddess Limited, Wan Duoduo DU Limited, Venus Holdings Limited, and Taihe Leaf Ltd according to the requirements of the Announcement of the State Administration of Taxation on Several Issues
Concerning the Enterprise Income Tax on Indirect Property Transfer by Non-Resident Enterprises (“Circular No. 7”), and (ii) as soon as practicably possible but no later
than three (3) months after the Completion (as defined in the GGV SSA), Venus Mission Limited shall, and Warrantors shall procure Venus Mission Limited to, complete (or cause the relevant sellers to complete) the payment of the applicable taxes
pursuant to Circular 7. 
  

	6.29	 Registration Address. 

As soon as practicably possible after the Completion, the Group Companies shall, and the Warrantors shall cause the Group Companies to, change
its registration address to the address where it conducts business, and complete relevant filing and registration with the competent local branch of the State Administration for Market Regulation (if applicable). 

 

	6.30	 Establishment of Branches. 

As soon as practicably possible after the Completion, the Group Companies shall, and the Warrantors shall cause the Group Companies to,
establish branches in Xi’an and Shanghai where the Group Companies has actually conducted business, and complete relevant filing and registration with the competent local branch of the State Administration for Market Regulation. 

 

	6.31	 Compliance Program. 

Company shall, and shall procure that each Group Company shall, adopt compliance policies, procedures and related training programs (the
“Compliance Program”), as soon as practicable and in any event within six months after the Completion and in consultation with the Investor and/or its counsel, reasonably adequate and designed to detect, prevent and deter violations
of applicable (i) Anti-Corruption Laws, (ii) Sanctions, (iii) export controls, and (iv) Anti-Money Laundering Laws. The Company shall not subsequently amend any element of the Compliance Program without the Investor’s prior
written consent and undertake to inform the Investor immediately of any potential non-compliance of the Compliance Program. The Investor shall be issued by the Company a certificate on a quarterly basis
acknowledging on a quarterly basis and in a form and substance agreeable to the Investor, the Company’s ongoing understanding of their compliance obligations under this Agreement and the Shareholders’ Agreement. 

 

	6.32	 Sanctioned Persons. The Company represents and warrants to the Investor that: (i) neither it
nor any of its Relevant Persons is a Sanctioned Person nor acting for or on behalf of any Sanctioned Person, and (ii) no Group Company nor any of its Relevant Persons is a Sanctioned Person or acting for or on behalf of any Sanctioned Person.

  

	6.33	 Compliance Audit or Inquiry. The Company agrees to cooperate with any compliance audit or inquiry
by the Investor and/or its professional advisors related to a violation or potential violation of Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions, and to implement any remediation measures reasonably requested by the Investor and/or
its professional advisors in response to the same. 

  

  
 25 

	6.34	 Tax Function. As soon as practicable after the Completion, the Company shall establish a
segregated in-house Tax function, with dedicated Tax personnel, that will be responsible for managing the Tax affairs of the Group Companies, and develop enhanced internal Tax control procedures.

  

	7.	 INDEMNITIES 

 

	7.1	 The Warrantors hereof jointly and severally undertake to fully indemnify the Investor, its associates,
directors, officers, employees, limited partners, members, stockholders, attorneys (including, without limitation, those retained in connection with the transactions contemplated herein), agents and representatives (each an
“Indemnitee” and collectively, the “Indemnitees”), and to keep each such Indemnitee harmless from and against all direct losses, liabilities, costs and damages (including without limitation legal costs) (the
“Indemnifiable Losses”) which may be suffered or incurred by any of them in connection with, arising out of or as a result of any of the following: 

 

	 	(a)	 any of the Warranties (including but not limited to warranties regarding tax and incorporation matters) not
being true, correct or accurate in all respects or not being fully complied with at all times; 

  

	 	(b)	 any breach or violation of any covenant or agreement contained herein or any of the Transaction Documents;

  

	 	(c)	 any claim by the Group Companies and their associates against the Investor, provided that the Investor and/or
its Associates is not liable, or against any Group Company; and 

  

	 	(d)	 any of the Covenants in Clause 6 and any other undertakings or obligations in this Agreement not being
fully performed or fully complied with at all times. 

  

	7.2	 Notwithstanding the foregoing, the Warrantor shall, jointly and severally, indemnify and keep indemnified the
Indemnitees at all times and hold them harmless against any and all Indemnifiable Losses resulting from, or arising out of, or due to, directly or indirectly, (x) any claim for tax which has been made or may hereafter be made against the
Domestic Company and any other Group Company wholly or partly in respect of or in consequence of any event occurring or any income, profits or gains earned, accrued or received by the Domestic Company and any Group Company on or before the
Completion, (y) all liability for any taxes of any other person imposed by any governmental authority on any Group Company as a transferee, successor, withholding agent, or accomplice in connection with an event or transaction occurring before
the Completion, and (z) all liability for taxes attributable to any misrepresentation or breach of warranty made in Clause 18 of Schedule 4 of this Agreement, and any reasonable costs, fees or expenses incurred and other liabilities
which the Domestic Company and any Group Company may properly incur in connection with the investigation, assessment or the contesting of any claim, the settlement of any claim for tax, any legal proceedings in which the Domestic Company claims in
respect of the claim for tax and in which an arbitration award or judgment is given for the Domestic Company or other Group Company and the enforcement of any such arbitration award or judgment, whether or not such tax is chargeable against or
attributable to any other person (“Tax Indemnifiable Loss”), provided, however, that the Warrantors shall be under no liability for any tax matters, if any: 

 

  
 26 

	 	(a)	 to the extent that such Tax Indemnifiable Loss is promptly cured within thirty (30) days after the
occurrence of such Tax Indemnifiable Loss without recourse to cash or other assets of any Group Company; 

  

	 	(b)	 to the extent that such Tax Indemnifiable Loss has been clearly disclosed in the Financial Statements (as
defined in Schedule 4); 

  

	 	(c)	 if it has arisen in and relates to the ordinary course of business of a Group Company since the Balance Sheet
Date, subject to compliance with applicable law; 

  

	 	(d)	 to the extent that the liability arises as a result only of a provision or reserve in respect of the liability
made in the Financial Statements being insufficient by reason of any increase in rates of tax announced after the Completion with retrospective effect; or 

  

	 	(e)	 to the extent that the liability arises as a result of legislation which comes into force after the Completion
and which is retrospective in effect. 

  

	7.3	 Notwithstanding anything contained in the Schedule of Exceptions, each of the Group Companies shall jointly and
severally indemnify at all times and hold harmless each Indemnitee from and against any Indemnifiable Loss directly or indirectly, as a result of, or based upon or arising from (i) the non-payment or
underpayment of social insurance or housing fund contributions, (ii) any dispute or infringement claim in connection with violation of any of the Intellectual Property of any other person or entity before the Completion, or (iii) any
action, suit, arbitration or other court proceeding, pending or threatened, due to the non-compliance with any applicable laws or contracts existing prior to the Completion even if the liability is actually
incurred after the Completion). 

  

	7.4	 If any Indemnitee believes that it has a claim that may give rise to an obligation of any Warrantor pursuant to
this Clause 7, it shall give prompt notice thereof to the Warrantors stating specifically the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted. Any dispute related to this
Clause 7 shall be resolved pursuant to Clause 17. 

  

	7.5	 For the avoidance of doubt, each of the Warrantors hereby agrees and covenants that he/it will do all such
things and undertake all such actions, including without limitation, any applications to and registrations with the governmental authorities and any other protective measures reasonably requested by the Investor, to ensure that the agreement of the
parties with respect to joint and several liability of the Warrantors under the Transaction Documents is given full force and effect. 

  

	7.6	 Notwithstanding the above provisions, absent fraud or any wilful misconduct on the part of any Warrantor, none
of the Warrantors shall have any liability under the warranties and representations to the extent that any individual claim against any of them in respect thereof does not exceed US$10,000 (in respect of the Group Companies) and US$20,000 (in
respect of the Founder Parties). For the avoidance of doubt, if the total amount of the Indemnifiable Loss exceeds US$10,000 (in respect of the Group Companies) or US$20,000 (in respect of the Founder Parties), the Warrantors shall be liable for the
full amount of Indemnifiable Loss. Notwithstanding any other provision contained herein, absent fraud or wilful misconduct by any of the Founder Parties, the maximum liability of the Founder Parties shall be limited to one hundred percent (100%) of
the shares directly or indirectly held by the Founder Parties in the Company. Absent fraud or wilful misconduct on the part of any Warrantor, the Indemnitees shall not be entitled to make any claim against the Founder Parties unless written notice
thereof has been given to each of the Founder Parties within two (2) years from the date of Completion. 

  
 27 

	7.7	 This Clause 7 shall not be deemed to preclude or otherwise limit in any way the exercise of any other
rights or pursuit of equitable remedies (including but not limited to injunctive relief and/or specific performance) for the breach of this Agreement or with respect to any misrepresentation. 

 

	7.8	 The Warrantors’ obligations under this Clause 7 shall survive the Completion.

  

	8.	 PROCEEDS OF SUBSCRIPTION 

 

	8.1	 The parties acknowledge and agree that the proceeds of the subscription for the Series D Shares under this
Agreement shall be used, in accordance with the directions of the Company’s Board of Directors, as it shall be constituted in accordance with the Shareholders’ Agreement, to fund the WFOE’s register capital and for the capital
expenditures, equipment purchase, hiring, research and development and general working capital of the Group Companies, in particular for the expansion of the existing lines of business. 

 

	9.	 SEVERABILITY AND SURVIVAL 

 

	9.1	 If at any time any one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of
performance in any respect, the validity, legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or impaired. 

 

	9.2	 The obligations of the Group Companies and the Founder Parties shall survive the Completion.

  

	10.	 ENTIRE AGREEMENT 

This Agreement constitutes the entire agreement and understanding between the parties in connection with the subject matter of this Agreement
and supersedes all previous term sheets, proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and no party has relied or is entitled to rely on any such term sheets, proposals,
representations, warranties, agreements or undertakings. 
  

	11.	 TIME OF ESSENCE AND REMEDIES AND WAIVERS 

 

	11.1	 Time shall be of the essence of this Agreement. 

 

	11.2	 No delay or omission by any party in exercising any right, power or remedy provided by law or under this
Agreement shall: 

  

	 	(a)	 affect that right, power or remedy; or 

 

	 	(b)	 operate as a waiver of it. 

  
 28 

	11.3	 The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not
preclude any other or further exercise of it or the exercise of any other right, power or remedy. 

  

	11.4	 The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights,
powers and remedies provided by law. 

  

	11.5	 It is agreed and understood that monetary damages would not adequately compensate an injured party for the
breach of this Agreement by any other party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.
Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

  

	12.	 PUBLIC ANNOUNCEMENTS 

 

	12.1	 The investment and subscription of the Subscription Shares by the Investor in the Company, including without
limitation the existence of such investment and the terms and conditions of this Agreement, the term sheets preceding this Agreement and any other Transaction Documents shall be confidential information and shall not be disclosed by any Group
Company or any of their associates to any person not being a party hereto except with the prior written consent of the Investor. 

  

	12.2	 Notwithstanding Clause 12.1, each Group Company may disclose the terms of the investment to its
employees, investment bankers, lenders, accountants, attorneys, business partners, directors, shareholders, senior management and bona fide prospective investors, in each case only where such persons or entities are under appropriate non-disclosure obligations. For the avoidance of doubt, other than disclosures to the foregoing permitted persons, none of the Group Companies may disclose the investment amounts in relation to the Subscription
Shares, the valuation of the Company, the rights and privileges of the Investor under this Agreement and the Shareholders’ Agreement and the share capital structure of the Company to any person except with the prior written consent of the
Investor. 

  

	12.3	 In the event that any Group Company becomes legally compelled (including without limitation, pursuant to
securities laws and regulations) to make disclosure not permitted under Clauses 12.1 and 12.2, such Group Company (“Disclosing Party”) shall provide the other parties
(“Non-Disclosing Parties”) with prompt written notice of that fact so that the appropriate party may seek (with the cooperation and reasonable efforts of the other parties) a protective order,
confidential treatment or other appropriate remedies. In such event, the Disclosing Party shall furnish only that portion of the information which is legally required and shall exercise reasonable efforts to obtain reliable assurance that
confidential treatment will be accorded to such information to the extent reasonably requested by any Non-Disclosing Party. 

 

	13.	 ASSIGNMENT AND COUNTERPARTS 

 

	13.1	 This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective assigns
and successors. 

  

  
 29 

	13.2	 The Investor may assign and transfer, to its associates, any of its rights, benefits and obligations in this
Agreement including without limitation the benefit of any representations, warranties and undertakings contained herein. Save as aforesaid, no party hereto may assign or transfer any of his or its rights or obligations under this Agreement.

  

	13.3	 This Agreement may be entered into by any party by executing a counterpart hereof and may be delivered by
electronic PDF or facsimile transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 

  

	14.	 NOTICES AND OTHER COMMUNICATION 

 

	14.1	 All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address, or to such email address, facsimile number or address as set forth on Schedule 5 hereto or as subsequently modified
by written notice given in accordance with this Clause 14.1. 

  

	15.	 FURTHER ASSURANCE 

Each of the parties shall at its (as the case may be) own costs, from time to time upon request, do or procure the doing of all acts and/or
execute or procure the execution of all documents in a form satisfactory to the other parties which the other parties may reasonably request for giving full effect to this Agreement and securing to the other parties the full benefit of the rights,
powers and remedies conferred upon the other parties in this Agreement. 
  

	16.	 COSTS AND EXPENSES 

 

	16.1	 Each Party shall bear the legal, financial and all other expenses incurred by itself in respect of the
negotiation, preparation, execution and carrying into effect of this Agreement and the transactions contemplated herein. 

  

	17.	 GOVERNING LAW AND JURISDICTION 

 

	17.1	 This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of
Hong Kong without regard to the conflict of laws principles thereof. 

  

	17.2	 Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach,
termination or validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the
other Parties involved a written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any
Party with notice to the other Parties. 

  
 30 

	17.3	 The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration
Centre (the “HKIAC”). There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one (1) arbitrator within thirty (30) days after giving or receiving the demand for
arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration does not appoint
an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

 

	17.4	 The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration
Rules of the HKIAC in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Clause 17, including the provisions concerning the appointment of arbitrators, the provisions of this Clause
17 shall prevail. 

  

	17.5	 Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing
complete access to all information and documents requested by such party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the request. 

 

	17.6	 The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to
the dispute may apply to a court of competent jurisdiction for enforcement of such award. 

  

	17.7	 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. 

  

	18.	 FINDER’S FEES 

Except as disclosed in the Schedule of Exceptions, each party (a) represents and warrants to the other parties hereto that it has retained
no finder or broker in connection with the transactions contemplated by this Agreement, and (b) hereby agrees to indemnify and to hold harmless the other party hereto from and against any liability for any commission or compensation in the
nature of a finder’s fee of any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the indemnifying party or any of its employees or representatives are responsible.

  

	19.	 FORCE MAJEURE 

In the event of earthquakes, typhoon, flood, war or other events (the “Event of Force Majeure”), the consequences of
which are beyond the parties’ control, prevention or avoidance and which directly affects the performance of this Agreement or hinders performance of its items, the party which is affected by it should immediately inform the other
parties in writing, and within five (5) days shall provide details of the event and valid documentary evidence supporting the reasons for which matters agreed in this Agreement cannot be performed in whole or in part or for which performance
will be delayed. Such documents must be issued by the notary public office in the place where the said event has occurred. Notwithstanding the foregoing, the Party affected by the Event of Force Majeure shall (i) use all reasonable efforts to
remedy the situation and minimize or remove the effects of Event of Force Majeure so far as possible and, subject thereto, comply with its obligations hereunder; (ii) within the shortest time practicable, attempt to resume performance of the
obligations suspended by Event of Force Majeure. 

  
 31 

	20.	 NO RECOURSE 

Notwithstanding anything that may be expressed or implied in this Agreement, no recourse under this Agreement shall be had against any current
or future Affiliate of the Investor, any current or future direct or indirect shareholder, member, general or limited partner, controlling person or other beneficial owner (as applicable) of the Investor or any of their respective Affiliates,
representatives or successors and assigns of each of the foregoing (collectively, “Non-Liable KKR Persons”), whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Non-Liable KKR Person for any obligation of the Investor under this Agreement or for any claim based on, in respect of or by reason of such obligations or their creation. Each
Non-Liable KKR Person shall be an express third party beneficiary of, and entitled to directly enforce, this Clause 20. 

– EXECUTION PAGES FOLLOW – 
  

  
 32 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first
written above. 
  

					
	COMPANY:	  	WAN DUODUO LIMITED
			
		  	By:	 	 /s/ Luo Jian

		  	 Name: Luo Jian (罗剑)

Title:    Director

		  	
		
	HK CO:	  	WAN DUODUO HONGKONG LIMITED
			
		  	By:	 	 /s/ Luo Jian

		  	 Name: Luo Jian (罗剑)

Title:   Director

	
		
	WFOE:	  	 WAN LE DUO NETWORK TECHNOLOGY (BEIJING) CO., LTD.

(玩乐多网络技术(北京)有限公司)

			
		  	By:	 	 /s/ Luo Jian

		  	 Name: Luo Jian (罗剑)

Title:   Legal Representative

	
		
		  	Affix Seal:
		
	DOMESTIC COMPANY:	  	BEIJING XIN GENG YUAN TECHNOLOGY DEVELOPMENT CO., LTD. (北京心更远科技发展有限公司)
			
		  	By:	 	 /s/ Luo Jian

		  	 Name: Luo Jian (罗剑)

Title:   Legal Representative

	
		
		  	Affix Seal:

  
 Signature Page to
Share Subscriptions Agreement – Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
 Founder Parties: 
  

			
	VENUS MISSION LIMITED
		
	By:	 	 /s/ Luo Jian

	Name:	 	Luo Jian (罗剑)
	Title:	 	Director
	
	Luo Jian (罗剑)
		
	By:	 	 /s/ Luo Jian

	
	FUN KINGDOM LIMITED
		
	By:	 	 /s/ Shan Zebing

	Name:	 	Shan Zebing (单泽兵)
	Title:	 	Director
	
	Shan Zebing (单泽兵)
		
	By:	 	 /s/ Shan Zebing

 Signature Page to Share Subscription Agreement - Wan Duoduo Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

					
	INVESTOR:	  	Zeta Asia Holdings Pte. Ltd.
		  		  	
		  	By:	  	 /s/ Yan ChengKang

		  	Name: Yan ChengKang
		  	Title: Director

 Signature Page to Share Subscription Agreement - Wan Duoduo LimitedEX-10.7

 Exhibit 10.7 

July 21, 2020 

SHARE SUBSCRIPTION AGREEMENT 

concerning Series E Shares in 

Spark Education Limited 

 SHARE SUBSCRIPTION AGREEMENT 

DATED July 21, 2020 
 AMONG 

 

	(1)	 Spark Education Limited, a company incorporated in the Cayman Islands with its registered office
located at Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands (the “Company”);

  

	(2)	 Spark Education (HongKong) Limited, a company incorporated in the Hong Kong with its registered
office located at Unit 806, 8/F, Tower II, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong Kong (the “HK Co”); 

  

	(3)	 Beijing Spark Education and Technology Co., Ltd.
(北京火花思维教育科技有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B306, floor
3, building B, No.101, Wangjing Lize Zhongyuan, Chaoyang District, Beijing (the “Beijing WFOE”); 

  

	(4)	 Tianjin Spark Education and Technology Co., Ltd.
(天津火花思维教育科技有限公司), a limited liability company incorporated in the PRC with its registered office located at 1-1702-a-60, Yanzhao Building, Tianjin Pilot Free Trade Zone (the “Tianjin WFOE”, together with
“Beijing WFOE”, collectively, the “WFOEs”); 

  

	(5)	 Beijing Xingengyuan Technology Ltd.
(北京心更远科技发展有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B202, Block B, No.101 of
Wangjing Lize Zhongyuan, Chaoyang District, Beijing (the “Domestic Company”); 

  

	(6)	 Beijing Spark Juli Education Consulting Co., Ltd.
(北京火花聚力教育咨询有限公司), a limited liability company incorporated in the PRC with its registered office located at Room B303, Block B,
No.101 of Wangjing Lize Zhongyuan, Chaoyang District, Beijing (the “Beijing Co”); 

  

	(7)	 Wuhan Spark Education Consulting Co., Ltd.
(武汉火花思维教育咨询有限公司), a limited liability company incorporated in the PRC with its registered office located at 13 / F, Building A4,
Guanggu Financial Port, No.77, Guanggu Avenue, East Lake Hi-tech Development Zone, Wuhan (the “Wuhan Co”, together with “Beijing Co”, collectively, the “Domestic
Subsidiaries”); 

  

	(8)	 the parties listed in Schedule 1 (the “Investors” and each an
“Investor”); and 

  

	(9)	 the parties listed in Schedule 2 (the “Founder Parties”, and each a “Founder
Party”). 

 Each of the parties listed above is referred to herein individually as a “Party” and
collectively as the “Parties”. 

  
 2 

 WHEREAS 
  

	(A)	 The Company has entered into certain share repurchase agreement (the “Share Repurchase
Agreement”) with SGH Limited and Hike (collectively, the “Transferors”, and each a “Transferor”), pursuant to which the Company agrees to repurchase from the Transferors, and the Transferors agree to
sale and transfer to the Company (the “Repurchase”), a total of 2,892,803 Ordinary Shares and 832,465 Series B Shares at the aggregate consideration of US$10,000,000.50. 

 

	(B)	 Immediately prior to the Completion, the Company has an authorized capital of US$80,000 divided into (i)
630,303,889 Ordinary Shares of a par value of US$0.0001 per share, among which (a) 579,895,508 Class A Ordinary Shares of a par value of US$0.0001 per share, 11,449,071 of which are issued and outstanding; (b) 50,408,381 Class B Ordinary
Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; (ii) 22,973,381 Series A Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; (iii) 30,162,301 Series B Shares of a par value of
US$0.0001 per share, all of which are issued and outstanding; (iv) 33,367,574 Series B+ Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; (v) 29,167,458 Series C Shares of a par value of US$0.0001 per share, all
of which are issued and outstanding; (vi) 45,613,502 Series D Shares of a par value of US$0.0001 per share, all of which are issued and outstanding; and (vii) 8,411,895 Series D+ Shares of a par value of US$0.0001 per share, all of which are issued
and outstanding. All issued and outstanding shares have been fully paid (or credited as fully paid). The capitalization of the Company immediately prior to the Completion Date is set out in Part A of Exhibit B hereto. Further particulars of
the Group Companies and the Founder Parties are set out in Schedule 2 and Schedule 3. The Company has adopted an employee share option plan (the “ESOP”), under which the Company has reserved a total of 29,183,325
Class A Ordinary Shares, representing 11.3535% of the fully-diluted capitalization of the Company for issuance of restricted shares or issuance of shares pursuant to share options granted under the ESOP, of which 3,693,409 Class A Ordinary
Shares has been issued to and held in trust by Venus Mission Limited, the Founder Holdco wholly owned by Luo Jian (“Founder Holdco ESOP Shares”). 

 

	(C)	 The Company hereby agrees to issue and sell to the Investors and each of the Investors hereby agrees to,
severally but not jointly, subscribe for and purchase from the Company the Subscription Shares (as defined below) pursuant to the terms and conditions of this Agreement. 

 

	(D)	 NOW IT IS HEREBY AGREED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 In this Agreement, including the Recitals and the Schedules, the following expressions shall, except where the
context otherwise requires, have the following meanings: 

 “Action” has the meaning ascribed to it in
Clause 11 of Schedule 4. 
 “Agreement” means this Share Subscription Agreement; 

“Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, Controls, is Controlled by
or is under common Control with such Person. In the case of a natural person, the Affiliate also includes (i) such Person’s spouse, parents, children, siblings,
mother-in-law, father-in-law, brothers-in-law and sisters-in-law; and (ii) any trust Controlled by or held for the benefit of such Person. The term
“affiliated” has the meaning correlative to the foregoing; 

  
 3 

 “Anti-Corruption Laws” means any anti-bribery or anti-corruption Laws
(including Laws that prohibit the corrupt payment, giving, offer, promise, or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any Government Official, commercial entity or
any other Person to obtain a business advantage) applicable to the Group and its operations from time to time, including without limitation (i) the U.S. Foreign Corrupt Practices Act of 1977, (ii) the UK Bribery Act of 2010, (iii) any
legislation adopted in furtherance of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, and (iv) any similar Laws in any other jurisdiction in which any entity of the Group operates, in
each case as amended from time to time; 
 “Anti-Corruption Prohibited Activity” means offering, paying, promising to pay or
authorizing the payment of any money or the giving of anything of value to any Government Official, or to any other Person, for the purpose of (i) influencing any act or decision of such Government Official in his official capacity,
(ii) inducing such Government Official to do or omit to do any act in relation to his lawful duty, (iii) securing any improper advantage, or (iv) inducing such Government Official to influence of affect any act or decision of any
Governmental Authority, in each case, in order to assist the Person carrying out such activity in obtaining or retaining business for or with, or in directing business to, any Person, or any other activity prohibited by any Anti-Corruption Laws;

 “Anti-Money Laundering Laws” means any anti-money laundering-related Laws and codes of practice applicable to the Group
and its operations from time to time, including without limitation (i) the EU Anti-Money Laundering Directives and any laws, decrees, administrative orders, circulars, or instructions implementing or interpreting the same, and (ii) the
applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transaction Reporting Act of 1970; 

“Applicable Law(s)” or “Law(s)” means and includes statutes, enactments, acts of legislature or the
parliament, laws, regulations, ordinances, notifications, rules, judgments, Orders, decrees, by-laws, approvals from the concerned authority (including a Governmental Authority), resolutions, directives,
guidelines, policies, requirements, or other governmental restrictions or any similar form of decision of, or determination by, or any interpretation or adjudication having the force of law of any of the foregoing, by any concerned Governmental
Authority having jurisdiction over the matter in question; 
 “Associate” means, with respect to any Person, (1) a
corporation or organization (other than the Group Companies) of which such Person is an officer or partner or is, directly or indirectly, the record or beneficial owner of ten percent (10%) or more of any class of Equity Securities of such
corporation or organization, (2) any trust or other estate in which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity, or (3) any child, brother, sister, parent or
spouse of such Person, or any child, brother, sister, parent of the spouse; 
 “Balance Sheet Date” has the meaning ascribed
to it in Clause 16 of Schedule 4; 

  
 4 

 “Beijing Co” has the meaning ascribed to it in the preamble; 

“Beijing WFOE” has the meaning ascribed to it in the preamble; 

“Board” or “Board of Directors” means the board of directors of the Company; 

“Business” means the live online educational courses for children aged 3-12 conducted
by the Company, its consolidated subsidiaries and the PRC Companies; 
 “Business Day” means any day, other than a Saturday,
Sunday or other day on which the commercial banks in Cayman Islands, the U.S.A., Hong Kong or PRC are authorized or required to be closed for the conduct of regular banking business; 

“CFC” has the meaning ascribed to it in Clause 6.2(a); 

“Circular No. 7” has the meaning ascribed to it in Clause 6.25; 

“Class A Ordinary Share” means the class A ordinary shares in the capital of the Company with a par
value of US$0.0001 per share having the rights set out in the Restated M&A. 
 “Class B Ordinary Share”
means the class B ordinary shares in the capital of the Company with a par value of US$0.0001 per share having the rights set out in the Restated M&A. 

“Code” has the meaning ascribed to it in Clause 6.2(a); 

“Completion” has the meaning ascribed to it in Clause 4.1(a); 

“Completion Date” has the meaning ascribed to it in Clause 4.1(a); 

“Conditions” means the conditions precedent to the Completion set out in Clause 2; 

“Consents” includes an approval, authorisation, exemption, filing, licence, order, permission, permit, recording or
registration, certificate or declaration, or report or notice to, any Person, including any governmental authority; 

“Constitutional Documents” has the meaning ascribed to it in Clause 13 of Schedule 4; 

“Control”, “Controls”, “Controlled” (or any correlative term) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise. For the purpose of this
definition, a Person shall be deemed to Control another Person if such first Person, directly or indirectly, owns or holds more than 50% of the voting equity interests in such other Person; 

“Conversion Shares” means the Class A Ordinary Shares issuable upon conversion of any Series E Shares; 

“Disclosing Party” has the meaning ascribed to it in Clause 12.3; 

  
 5 

 “Domestic Company” has the meaning ascribed to it in the preamble; 

“Domestic Subsidiaries” has the meaning ascribed to it in the preamble; 

“Environmental Claim” has the meaning ascribed to it in Clause 19 of Schedule 4; 

“Environmental Laws” has the meaning ascribed to it in Clause 19 of Schedule 4; 

“ESOP” has the meaning ascribed to it in the recitals; 

“Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership
interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to
acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing; 
 “Event of Force
Majeure” has the meaning ascribed to it in Clause 19; 
 “Exhibits” mean the exhibits of this Agreement;

 “Export Control Laws” means the U.S. Export Administration Act, U.S. Export Administration Regulations, U.S. Arms Export
Control Act, U.S. International Traffic in Arms Regulations, and their respective implementing rules and regulations and the U.K. Export Control Act 2002 (as amended and extended by the Export Control Order 2008) and its implementing rules and
regulations; 
 “Financial Statements” has the meaning ascribed to it in Clause 16 of Schedule 4; 

“FCPA” has the meaning ascribed to it in Clause 6.11; 

“Founder” or “Founders” has the meaning set forth in Schedule 2; 

“Founder Holdco” or “Founder Holdcos” has the meaning set forth in Schedule 2; 

“Founder Holdco ESOP Shares” has the meaning ascribed to it in the recitals; 

“Founder Party” or “Founder Parties” has the meaning ascribed to it in the preamble; 

“Fun Kingdom” means Fun Kingdom Limited; 

“Government” or “Governmental Authority” means: (a) any supranational, national, state, city, municipal,
county or local government, governmental authority or political subdivision thereof; (b) any agency or instrumentality of any of the authorities referred to in (a) above; (c) any regulatory or administrative authority, body or other
similar organization, to the extent that the rules, regulations, standards, requirements, procedures or orders of such authority, body or other organization have the force of Law; (d) any court or tribunal having jurisdiction; or (e) the
governing body of any stock exchange(s); 

  
 6 

 “Government Official” means any officer, employee or other person acting in
an official capacity on behalf of (a) any Governmental Authority or any department or agency of a Government, including elected officials, judicial officials, civil servants and military personnel, children, spouses, siblings or parents of a
Government Official; (b) any public international organization, such as the World Bank; (c) any company, business or instrumentality that is owned or Controlled by a Governmental Authority; and (d) any political party, as well as
candidates for political office; 
 “GGV” means GGV VII Investments, L.L.C. and GGV VII Plus Investments, L.L.C.; 

“GGV SSA” means the Share Subscription Agreement concerning Ordinary Shares and Series D Shares entered into by and among the
Company, GGV, SCC Venture VII Holdco, Ltd., IDG China Venture Capital Fund IV L.P., IDG China IV Investors L.P., Lightspeed, Northern Light Venture Capital V, Ltd., Hike, LFC Investment Hong Kong Limited, GSR 2017 Opportunities (Singapore) Pte. Ltd.
and certain other parties, dated as of July 30, 2019; 
 “Group Companies” means the Company, the HK Co, the PRC
Companies, and their respective Subsidiaries from time to time, particulars of which are set out in Schedule 3; 
 “Group
Company” means any one of the Group Companies; 
 “Group Company Contract” has the meaning ascribed to it in
Clause 10 of Schedule 4; 
 “GSR” means GSR VENTURES VI (SINGAPORE) PTE. LTD.; 

“Hike” means Hike Capital L.P.; 

“HKIAC” has the meaning ascribed to it in Clause 17.3; 

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC; 

“HK Co” has the meaning ascribed to it in the preamble; 

“Indemnifiable Losses” has the meaning ascribed to it in Clause 7.1; 

“Indemnitees” has the meaning ascribed to it in Clause 7.1 and “Indemnitee” means any one of them;

 “Investor(s)” has the meaning ascribed to it in the preamble; 

“Key Employees” means the employees as set forth in the Exhibit C of this Agreement; 

“KKR” means ZETA ASIA HOLDINGS PTE. LTD.; 

“KKR SSA ” means the Share Subscription Agreement concerning Series D Shares entered into by and among the Company, ZETA ASIA
HOLDINGS PTE. LTD. and certain other parties, dated as of August 15, 2019; 
 “Lightspeed” means Lightspeed China
Partners III, L.P.; 

  
 7 

 “Material Adverse Effect” means any event, occurrence, fact, condition,
change or development that has had or could reasonably be expected to have, individually or in aggregate, (i) a material adverse effect on the business (as presently conducted and proposed to be conducted), assets (including intangible assets),
affairs, liabilities, condition (financial or otherwise), properties, prospects or results of operations of the Group Companies, taken as a whole; (ii) material impairment of the ability of any Warrantor to perform the material obligations of
such party under any Transaction Document; or (iii) material impairment of the validity or enforceability of this Agreement or any other Transaction Documents against any Warrantor; 

“Materials of Environmental Concern” has the meaning ascribed to it in Clause 19 of Schedule 4; 

“Non-Disclosing Parties” has the meaning ascribed to it in Clause 12.3; 

“Onshore Transfer” has the meaning ascribed to it in Clause 2.1(l); 

“Ordinary Shares” means Class A Ordinary Shares and Class B Ordinary Shares, collectively or any of them; 

“Person” means any individual, sole proprietorship, partnership, firm joint venture, estate, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, entity or governmental authority or other entity of any kind or nature; 

“PRC” means the People’s Republic of China; 

“PRC Companies” means the WFOEs, the Domestic Company, the Domestic Subsidiaries and their respective Subsidiaries from time
to time; 
 “PRC GAAP” has the meaning ascribed to it in Clause 16 of Schedule 4; 

“Preferred Directors” has the meaning ascribed to it in the Shareholders’ Agreement; 

“Preferred Shareholder” means any holder of Preferred Shares; 

“Preferred Shares” means any of the preferred shares of the Company, including the Series A Shares, the Series B Shares, the
Series B+ Shares, the Series C Shares, the Series D Shares, the Series D+ Shares and the Series E Shares; 
 “Proprietary
Assets” has the meaning ascribed to it in Clause 9(a) of Schedule 4; 
 “Registered Intellectual Property”
has the meaning ascribed to it in Clause 9(a) of Schedule 4; 
 “Relevant Period” has the meaning ascribed to
it in Clause 6.1; 
 “Repurchase” has the meaning ascribed to it in the recitals; 

“Restated M&A” means the ninth amended and restated memorandum and articles of association of the Company as set forth in
Exhibit E of this Agreement, and any amendments thereto from time to time; 

  
 8 

 “Restructuring Documents” means (i) the Exclusive Business Cooperation
Agreement entered into by and between the Beijing WFOE and the Domestic Company dated on January 3, 2017, (ii) the Equity Interest Pledge Agreement, Exclusive Option Agreement, Power of Attorney and Spousal Consents dated prior to or on the
Completion Date entered into by and among the Beijing WFOE, the Domestic Company and Luo Jian (罗剑) or the spouse of Luo Jian (罗剑), (iii) the Equity Interest Pledge Agreement, Exclusive Option Agreement, Power of Attorney
and Spousal Consents dated on November 12, 2018 entered into by and among the Beijing WFOE, the Domestic Company and Shan Zebing (单泽兵) or the spouse of Shan Zebing (单泽兵); 

“Restriction Period” has the meaning ascribed to it in Clause 6.1 (a); 

“Returns” has the meaning ascribed to it in Clause 18 (a) of Schedule 4; 

“RMB” means Renminbi, the lawful currency of the People’s Republic of China; 

“SAFE” means the PRC State Administration of Foreign Exchange; 

“SAFE No. 37 Notice” means the Notice on Issues Relating to the Administration of Foreign
Exchange in Overseas Investment, Fund-raising and Reverse Investment Activities of Domestic Residents Conducted via Offshore Special Purpose Companies
(《国家外汇管理局关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知》)
 issued by the SAFE on July 14, 2014 and any of its implementing measures or guidelines, in relation to the transactions contemplated under this Agreement; 

“Sanctioned Person” means (a) any Person that is the subject or target of Sanctions (including but not limited to any
Person that is designated on the list of “Specially Designated Nationals and Blocked Persons” administered by the U.S. Treasury Department’s Office of Foreign Assets Control, or on any list of any economic or financial sanctions
administered by the U.S. State Department, the United Nations, the European Union or any member state thereof, the United Kingdom, or any similar list maintained by, or public announcement of Sanctions designation made by, any applicable national
economic sanctions authority), (b) any government, national, or resident of, or legal entity located in or organized under, the laws of a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation
Cuba, Iran, North Korea, Syria, or the Crimea region of Ukraine), (c) any Person who is owned 50% (fifty percent) or more, or Controlled, by any of the foregoing, or (d) any Person with whom business transactions, including exports and re-exports, would violate Sanctions; 
 “Sanctions” means all trade, economic and
financial sanctions Laws administered, enacted or enforced from time to time by (i) the United States (including without limitation the Department of Treasury, Office of Foreign Assets Control and the United States Department of State), (ii)
the European Union and enforced by its member states, (iii) the United Nations, (iv) the United Kingdom (including without limitation Her Majesty’s Treasury), or (v) any other similar Governmental Authority with regulatory
authority over the Company or any Subsidiary from time to time; 

  
 9 

 “Schedules” means the schedules of this Agreement; 

“Series A Shares” means series A redeemable convertible preferred shares of par value of US$0.0001 each in the capital of the
Company; 
 “Series B Shares” means series B redeemable convertible preferred shares of par value of US$0.0001 each in the
capital of the Company; 
 “Series B+ Shares” means series B+ redeemable convertible preferred shares of par value of
US$0.0001 each in the capital of the Company; 
 “Series B+ SSA” means the Share Subscription Agreement concerning Series B+
Preferred Shares entered into by and among the Company, IDG China Venture Capital Fund IV L.P., IDG China IV Investors L.P., Hike, Lightspeed, GSR, Northern Light Venture Capital V, Ltd., SCC Venture VI Holdco, Ltd., Sequoia Capital CV IV Holdco,
Ltd. and certain other parties, dated as of June 13, 2018; 
 “Series C Shares” means series C redeemable convertible
preferred shares of par value of US$0.0001 each in the capital of the Company; 
 “Series D Shares” means series D
redeemable convertible preferred shares of par value of US$0.0001 each in the capital of the Company; 
 “Series D+ Shares”
means series D+ redeemable convertible preferred shares of par value of US$0.0001 each in the capital of the Company; 
 “Series E
Shares” means series E redeemable convertible preferred shares of par value of US$0.0001 each in the capital of the Company; 

“Shareholders’ Agreement” means the seventh amended and restated shareholders’ agreement to be entered into among
the Investors, the Company, the HK Co, the PRC Companies, the Founder Parties and certain other parties thereto, substantially in the form and substance as set forth in Exhibit F of this Agreement; 

“Shares” means all shares of the Company, including the Ordinary Shares, the Series A Shares, the Series B Shares, the Series
B+ Shares, the Series C Shares, the Series D Shares, the Series D+ Shares and the Series E Shares; 
 “Share Repurchase
Agreement” has the meaning ascribed to it in the recitals; 
 “Share Restriction Agreements” means the seventh
amended and restated share restriction agreements to be entered into by and among the Investors, the Company, each of the Founder Parties respectively and certain other parties thereto, substantially in the form and substance as set forth in
Exhibit I of this Agreement; 
 “Subpart F Income” has the meaning ascribed to it in Clause 6.2(a); 

“Subscription Price” means US$128,000,000.11 for a total of 43,868,754 Series E Shares or US$2.91779431 per Series E Share;

 “Subscription Shares” means a total of 43,868,754 Series E Shares to be issued to the Investors pursuant to this
Agreement; 

  
 10 

 “Tax Indemnifiable Loss” has the meaning ascribed to it in Clause
7.2; 
 “Tianjin WFOE” has the meaning ascribed to it in the preamble; 

“Transaction Documents” means this Agreement, the Shareholders’ Agreement, the Restated M&A, the Share Restriction
Agreements, the Restructuring Documents, the exhibits attached to any of the foregoing and any other document, certificate, and agreement delivered in connection with the transactions contemplated hereby and thereby; 

“Transferor(s)” has the meaning ascribed to it in the recitals; 

“US$” or “US Dollar” means United States dollars, the lawful currency of the United States of America; 

“Warranties ” means the representation, warranties and undertakings as set out in Clause 5 and Schedule 4; 

“Warrantors” means the Founder Parties and the Group Companies collectively and “Warrantor” means any one of
them; 
 “WFOEs” has the meaning ascribed to it in the preamble; 

“WFOEs Capital Injection Amount” has the meaning ascribed to it in Clause 6.16; and 

“Written Resolutions” means the written resolutions of the shareholders of the Company in form and substance satisfactory to
the Investors where the shareholders of the Company agree to, among other things, amend the Memorandum and Articles of Association of the Company, and approve the terms and conditions of the Shareholders’ Agreement; 

“Wuhan Co” has the meaning ascribed to it in the preamble. 

 

	1.2	 In this Agreement: 

  

	 	(a)	 references to recitals, Clauses, sub-Clauses, Schedules and Exhibits
are to the Clauses and sub-Clauses of, and the recitals, Schedules and Exhibits to, this Agreement; 

  

	 	(b)	 references to any statutory provision or any rule or regulation (whether or not having the force of law) shall
be construed as references to the same as amended, varied, modified, consolidated or re-enacted from time to time and to any subordinate legislation made under such statutory provision; 

 

	 	(c)	 references to parties are to parties of this Agreement; 

 

	 	(d)	 words importing the singular include the plural and vice versa, words importing one gender include every
gender, and references to persons include bodies corporate and unincorporated; 

  
 11 

	 	(e)	 headings are for ease of reference only and shall not affect the interpretation of this Agreement;

  

	 	(f)	 references to a document in the “agreed form” are references to a document the form of which
has been or may from time to time be agreed among all parties hereto; and 

  

	 	(g)	 the terms “tax” and “taxes” shall include all taxes, assessments, duties, tariffs,
registration fees, and other governmental charges in the nature of taxes including all income, franchise, property, production, sales, use, payroll, license, windfall profits, value added, severance, withholding, excise, gross receipts and other
taxes, as well as any interest, additions or penalties relating thereto and any interest in respect of such additions of penalties. 

  

	1.3	 The recitals, the Schedules and the Exhibits form parts of this Agreement and shall have the same force and
effect as if expressly set out in the body of this Agreement and any reference to this Agreement shall include the Recitals, the Schedules and the Exhibits. 

  

	1.4	 All references to dates and time are, unless the context requires otherwise, to Hong Kong time.

  

	2.	 CONDITIONS PRECEDENT 

 

	2.1	 The obligations of each Investor to purchase its portion of the Subscription Shares and pay its portion of the
Subscription Price on the Completion Date in accordance with Clause 3 hereof shall be conditional on the fulfilment of all of the following Conditions (subject to any waiver in written form by such Investor in its absolute discretion of any
or all of the Conditions, provided that each Investor may waive any Condition only with respect to itself): 

  

	 	(a)	 the Written Resolutions having been duly approved and passed by the shareholders and the board of directors of
the Company and remaining valid and effective as at the Completion, and the Restated M&A, in the form attached hereto as Exhibit E, having been adopted accordingly; 

 

	 	(b)	 the issue and allotment of the Subscription Shares to the Investors pursuant to the terms of this Agreement,
the execution of the Transaction Documents to which it is a party, and the performance of its obligations hereunder and thereunder having been duly approved by the shareholders and directors of the Company; 

 

	 	(c)	 each of the Founder Holdcos, the PRC Companies and the HK Co having provided to the Investors true copies of
the shareholders’ resolutions and/or the board resolutions (as required under laws of its jurisdiction) to approve the execution of the Transaction Documents to which it is a party, and the performance of its obligations hereunder and
thereunder; 

  

	 	(d)	 execution and delivery of the Shareholders’ Agreement in the form attached hereto as Exhibit F, by
the parties to the Shareholders’ Agreement (other than the Investors); 

  
 12 

	 	(e)	 all the Warranties remaining true and correct at all times as from the signing of this Agreement up to the
Completion, as if they were made and repeated on and as of the Completion; 

  

	 	(f)	 no Material Adverse Effect having occurred, and no event having occurred or arising, and no circumstance
existing, that would reasonably be expected to result in a Material Adverse Effect; 

  

	 	(g)	 no provision of any Applicable Laws shall prohibit the consummation of any transactions contemplated by the
Transaction Documents; 

  

	 	(h)	 all Consents of any competent governmental authority or of any other Person that are required for the entering
into and performance of the Transaction Documents and the implementation of the transactions therein contemplated having been obtained and remaining valid and effective as at Completion; 

 

	 	(i)	 each of the Key Employees having entered into an employment contract, a
non-competition, non-solicitation, confidentiality, proprietary information and invention assignment agreement with the appropriate Group Company in substantially the
form attached hereto as Exhibit G, Exhibit H-1 and Exhibit H-2; 

 

	 	(j)	 each of the Company and the Founders having delivered to the Investors a certificate of compliance dated the
Completion Date and signed by a director of the Company and the Founders certifying that (i) all of the conditions set forth in this Clause 2.1 have been fulfilled and stating that there having been no Material Adverse Effect since the
Balance Sheet Date; (ii) all corporate and other proceedings on the part of the Warrantors in connection with the transactions to be completed at the Completion and all documents incident thereto, including without limitation written approval
from the board of directors and all of the then current holders of equity interests of each Group Company, as applicable, with respect to this Agreement and the other Transaction Documents shall have been completed, and each Group Company shall have
delivered to such Investor all such counterpart copies of such documents as such Investor may reasonably request; (iii) attaching thereto (aa) the Constitutional Documents of the Group Companies as then in effect, (bb) copies of all resolutions
approved by the shareholders and boards of directors of each Group Company related to the transactions contemplated hereby, and (cc) copies of good standing certificate with respect to the Company from the applicable authority dated no more
than thirty (30) days prior to the Completion, with respect to the Group Companies which are incorporated under the laws of the PRC, the business licenses of such entity; 

 

	 	(k)	 the Company, SGH Limited and Hike have entered into the Share Repurchase Agreement and the shareholders
resolutions of the Company shall been duly passed to approve the Repurchase; 

  

	 	(l)	 the Founder(s) shall have signed and delivered share transfer agreements with Yang Haoyong
(杨浩涌), pursuant to which Yang Haoyong (杨浩涌) agrees to transfer all of his equity interests of the Domestic Company to the Founder(s) (the “Onshore Transfer”), and the shareholders
resolutions of the Domestic Company shall been duly passed to approve the Onshore Transfer; 

  
 13 

	 	(m)	 The Company shall have received, (a) in respect of the Series B+ SSA, a waiver letter from the Subscribers
(as defined in the Series B+ SSA), in which any and all indemnification of such Investors under the Series B+ SSA in connection with any breach by any of the Warrantors (as defined in the Series B+ SSA) of Section 6.17 thereunder shall
unconditionally and irrevocably be waived and relinquished; (b) in respect of the GGV SSA, a waiver letter from the Subscribers (as defined in the GGV SSA), in which any and all indemnification of such Investors under the GGV SSA in connection
with any breach by any of the Warrantors (as defined in the GGV SSA) of Section 6.26, 6.27, 6.28 and 6.29 thereunder shall unconditionally and irrevocably be waived and relinquished; and (c) in respect of the KKR SSA, a waiver letter from
the Investor (as defined in the KKR SSA), in which any and all indemnification of such Investors under the KKR SSA in connection with any breach by any of the Warrantors (as defined in the KKR SSA) of Section 6.25, 6.26, 6.27, 6.28 and 6.31
thereunder shall unconditionally and irrevocably be waived and relinquished; 

  

	 	(n)	 all corporate proceedings on the part of the Group Companies in connection with the transactions contemplated
at the Completion having been taken to the reasonable satisfaction of the Investors, and the Investors having received all such counterpart originals or certified or other copies of such documents as it may reasonably request; 

 

	 	(o)	 the Group Companies and the Founder Parties having performed and complied with all agreements, obligations and
conditions contained in this Agreement and ancillary agreements that are required to be performed or complied with by them on or before the Completion; and 

  

	 	(p)	 the Company and the Founder Parties having executed and delivered to the Investors the Share Restriction
Agreements in the form attached hereto as Exhibit I. 

  

	2.2	 In the event that any of the Conditions specified in Clause 2.1 has not been fulfilled (or, with respect
to any Investor, waived by such Investor in writing) before the fifth (5th) Business Day after the signing of this Agreement (or such later date as the Company and the Investors may mutually agree in writing), the obligations of any of the Investors
under this Agreement may be terminated by written notice by such Investor or the Company to other Parties, at such Party’s own election and discretion, after which this Agreement shall automatically be of no further force or effect only with
respect to such Investor (in case terminated by such Investor) or with respect to all Parties (in case terminated by the Company). 

  

	2.3	 Each of the Group Companies and the Founder Parties shall use its best endeavours to procure the fulfilment of
the Conditions on or before the date set forth in Clause 2.2. 

  
 14 

	3.	 AGREEMENT TO SUBSCRIBE FOR SHARES 

 

	3.1	 As of the Completion, the Company shall have authorized (a) 800,000,000 shares with par value of US$0.0001 per
share, among which, 43,868,754 shares shall be designated as Series E Shares, 8,411,895 shares shall be designated as Series D+ Shares, 45,613,502 shares shall be designated as Series D Shares, 29,167,458 shares shall be designated as Series C
Shares, 33,367,574 shares shall be designated as Series B+ Shares, 30,162,301 shares shall be designated as Series B Shares, 22,973,381 shares shall be designated as Series A Shares, 50,408,381 shares shall be designated as Class B Ordinary
Shares and the other 536,026,754 shares shall be designated as Class A Ordinary Shares; (b) the issuance, pursuant to the terms and conditions of this Agreement, of 43,868,754 Series E Shares having the rights, preferences, privileges and
restrictions as set forth in the Restated M&A, which shall have been duly adopted by the Company as of the Completion and the Shareholders’ Agreement, and (c) reservation of at least 43,868,754 Class A Ordinary Shares for
conversion of the Series E Shares. 

  

	3.2	 At the Completion, each of the Investors shall, subject to the terms and conditions of this Agreement, pay its
portion of the Subscription Price by wire transfer of immediately available funds in the aggregate amount as set forth on Schedule 1 hereto to the bank account designated by the Company. 

 

	3.3	 At the Completion, the Company shall, subject to the terms and conditions of this Agreement, validly allot and
issue the Subscription Shares to the Investors, free from all charges, liens, encumbrances, equities or other third party rights, claims or interests. 

  

	4.	 COMPLETION 

 

	4.1	 Upon fulfilment and satisfaction (or waiver according to Clause 2.2, if any) of the Conditions by the
Group Companies and the Founder Parties, the Completion shall take place remotely via exchange of electronic documents and signatures on July 24, 2020 (the “Completion Date”), or at such other place and time as the Company and
the Investors shall mutually agree in writing (the “Completion”). 

  

	4.2	 At the Completion, each Investor shall, severally but not jointly: 

 

	 	(a)	 pay to the Company that amount set forth opposite such Investor’s name on Schedule 1 by depositing
such amount into the bank account designated by the Company on the Completion Date (for avoidance of doubt, the obligations of such Investor under Clause 4.2(a) shall be deemed satisfied by the delivery to the Company of a copy of the bank
confirmation or MT-103 wiring instructions confirming the wiring of relevant portion of Subscription Price to the bank account designated by the Company); and 

 

	 	(b)	 deliver or procure to be delivered to the Company a counterpart of the Transaction Documents duly executed by
such Investor. 

  

	4.3	 At the Completion, the Company shall deliver to each Investor: 

 

	 	(a)	 the original, or a true and complete copy of, the board resolutions of the Company approving this Agreement and
the other Transaction Documents to which the Company is a party, and the entry into and performance of each of such documents by the Company including the allotment and issue of the Subscription Shares in accordance with the terms of this Agreement
and the issue and delivery of the share certificates to the Investors; 

  
 15 

	 	(b)	 a true and complete copy of the Written Resolutions; 

 

	 	(c)	 the certificate of compliance referred to in Clause 2.1(j) as of the Completion Date;

  

	 	(d)	 a true and complete copy (with the original to be delivered to the Investors as soon as possible after the
Completion) of the share certificate issued in the name of such Investor for the Subscription Shares, duly signed and sealed for and on behalf of the Company; 

 

	 	(e)	 a copy of the Register of Members of the Company as updated to reflect the Subscription Shares being purchased
by such Investor and the Repurchase, and certified by the registered office provider or a director of the Company; and 

  

	 	(f)	 all other documentation the delivery of which is made an express Condition pursuant to Clause 2.1.

  

	5.	 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

 

	5.1	 Except as set forth in the Schedule of Exceptions, the Warrantors hereby jointly and severally represent,
warrant and undertake to the Investors that each of the matters set out in Schedule 4 are as of the date hereof true, complete and correct and will be for all times after the date hereof and up to and including the Completion Date true,
complete and correct. 

  

	5.2	 Each of the Warranties is without prejudice to any other Warranty and, except where expressly stated otherwise,
no provision contained in this Agreement shall govern or limit the extent or application of any other Warranty. 

  

	5.3	 Each of the Warrantors undertakes to notify the Investors in writing within three (3) Business Days after
any matter or event which becomes known to it prior to the Completion and which may render any Warranty to be or to have been untrue or inaccurate. 

  

	5.4	 The rights and remedies of any Investor in respect of a breach of any Warranty shall not be affected by any due
diligence review or investigation made by or on behalf of such Investor into the affairs of any Group Company. 

  

	5.5	 Notwithstanding any rule of law or equity to the contrary, any release, waiver or compromise or any other
arrangement of any kind whatsoever which the Investors may agree to or effect in relation to any of the Warrantors in connection with this Agreement, and in particular the Warranties, shall not affect the rights and remedies of the Investors with
regards to any other Parties. 

  

	5.6	 Each of the Parties hereby severally represents and warrants to the other Parties that it has full power and
authority to enter into and perform this Agreement; this Agreement when executed and delivered by them shall constitute valid and legally binding obligations of such party enforceable in accordance with their respective terms. 

  
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	5.7	 Each of the Warrantors undertakes, in relation to any Warranty which refers to his/its knowledge or
information, that he/it has, with respect to the subject matter of such Warranty, made such due inquiry and exercised such due diligence as a prudent business person would have made or exercised in the management of his/ its business affairs,
including due inquiry of those officers and directors of such Person who would be reasonably expected to be aware of such knowledge or information. 

  

	5.8	 Each of the Warrantors hereby jointly and severally undertakes to the Investors to perform and procure the
performance of this Agreement, and undertakes to indemnify the Investors for any failure to perform this Agreement in accordance with Clause 7 of this Agreement. 

 

	6.	 POST-COMPLETION COVENANTS 

Each of the Warrantors hereby jointly and severally covenants to the Investors as is set forth in the remainder of this Clause 6. 

 

	6.1	 Non-Compete 

Each of the Founders acknowledges that the Investors agree to invest in the Company and become a Preferred Shareholder on the basis of
continued and exclusive services of and full devotion and commitment by him to the Group Companies, and agrees that the Investors should have reasonable assurance of such basis of investment. Each of the Founders hereby undertakes to the Investors
that neither he nor any of his Affiliates, nominees, trustees or the like directly or indirectly, will: 
  

	 	(a)	 during the Relevant Period and for a period of two (2) years after expiration of the Relevant Period
(together, the “Restriction Period”), participate in, assist, advise, consult, be concerned with, engaged or interested in, any business or entity in any manner, directly or indirectly, alone or in concert with others, which is in
competition with the business carried on by any Group Company at any time during the Restriction Period; 

  

	 	(b)	 during the Restriction Period, solicit in any manner any person who is or has been during the Restriction
Period a customer or client of any Group Company for the purpose of offering to such person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the Restriction Period;

  

	 	(c)	 during the Restriction Period, solicit or entice away, or endeavour to solicit or entice away, any employee or
officer of any Group Company; or 

  

	 	(d)	 at any time disclose to any person, or use for any purpose, any information concerning the business, accounts,
finance, transactions or intellectual property rights of any Group Company or any trade secrets or confidential information of or relating to any of the Group Companies. 

  
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 Each undertaking in paragraphs (a), (b), (c), and (d) of this Clause 6.1 shall
be treated as independent of the other undertakings so that, if any of them is held to be invalid or unenforceable for any reason, the remaining undertakings shall be valid to the extent that they are not affected. 

Each of the Founders hereby expressly acknowledges and declares that he has duly considered the undertakings set out in this Clause 6.1
and considers that they are reasonable in the circumstances, and warrants and undertakes to each of the Investors that he shall not challenge or query the validity and enforceability of these undertakings. 

For the purposes of this Clause 6.1, “Relevant Period” means, in relation to each Founder and/or his Affiliates,
nominees, trustees or the like, the period during which he or any of his Affiliates, nominees, trustees or the like is a shareholder, director, employee and/or has any direct or indirect interest (legal or beneficial) in the capital of any of the
Group Companies. 
  

	6.2	 Tax Covenants 

The Warrantors jointly and severally undertake to each of the Investors that: 

 

	 	(a)	 Immediately after the Completion, the Company will not be a “Controlled Foreign Corporation”
(“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or any successor thereto) (the “Code”). The Company shall make due inquiry with its tax advisors on at least an annual basis regarding the
Company’s status as a CFC and regarding whether any portion of the Company’s income is “subpart F income” (as defined in Section 952 of the Code) (“Subpart F Income”). Each Investor shall reasonably
cooperate with the Company to provide information about such Investor and such Investor’s partners in order to enable the Company’s tax advisors to determine the status of such Investor and/or any of such Investor’s partners as a
“United States Shareholder” within the meaning of Section 951(b) of the Code. No later than two (2) months following the end of each Company’s taxable year, the Company shall provide the following information to each of the
Investors: (i) the Company’s capitalization table as of the end of the last day of such taxable year, and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide each Investor with access to
such other Company information as may be necessary for such Investor to determine the Company’s status as a CFC and to determine whether such Investor or any of such Investor’s partners is required to report its pro rata portion of the
Company’s Subpart F Income on its United States federal income tax return, or to allow such Investor or such Investor’s partners to otherwise comply with applicable United States federal income tax laws. For purposes of this
Section 6.2(a) and Section 6.2(b), (i) the term “Investor’s partners” shall mean such Investor’s partners and/or members and any direct or indirect equity owners of such partners and/or members, and (ii) the
“Company” shall mean the Company and any of its direct or indirect subsidiaries. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for any Investor to be a CFC, the Company agrees
to use commercially reasonable efforts to avoid generating Subpart F Income. In the event that the Company is determined by the Company’s tax advisors or by counsel or accountants for any Investor to be a CFC, the Company agrees to use
commercially reasonable efforts to annually make dividend distributions to any Investor, to the extent permitted by law, in an amount equal to 50% of any income of the Company that would have been deemed distributed to any Investor pursuant to
Section 951(a) of the Code had such Investor been a “United States person” as such term is defined in Section 7701(a)(30) of the Code. 

  
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	 	(b)	 The Company has never been, and, to the best of its knowledge after consultation with its tax advisors, will
not be with respect to its taxable year during which the Completion occurs, a “passive foreign investment company” within the meaning of Section 1297 of the Code. The Company shall use its best efforts to avoid being a “passive
foreign investment company” within the meaning of Section 1297 of the Code. In connection with a “Qualified Electing Fund” election made by any Investor or any of such Investor’s partners pursuant to Section 1295 of the
Code or a “Protective Statement” filed by any Investor or any of such Investor’s partners pursuant to Treasury Regulation Section 1.1295-3, as amended (or any successor thereto), the
Company shall provide annual financial information to such Investors in the form provided in Exhibit D hereto (or in such other form as may be required to reflect changes in applicable law) as soon as reasonably practicable following the end
of each taxable year of the Company (but in no event later than 90 days following the end of each such taxable year), and shall provide such Investor with access to such other Company information as may be required for purposes of filing U.S.
federal income tax returns of such Investor or such Investor’s partners in connection with any such Qualified Electing Fund election or Protective Statement. In the event that any Investor or any of such Investor’s partners who has made a
“Qualified Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits pursuant to Section 1293 of the Code, the Company agrees to make a
dividend distribution to such Investor (no later than 90 days following the end of the Company’s taxable year or, if later, 90 days after the Company is informed by such Investor that such Investor’s partner has been required to recognize
such an income inclusion) in an amount equal to 50% of the amount that would be included by such Investor if such Investor was a “United States person” as such term is defined in Section 7701(a)(30) of the Code and had such Investor
made a valid and timely “Qualified Electing Fund” election which was applicable to such taxable year. 

  

	 	(c)	 The Company shall take such actions, including making an election to be treated as a corporation or refraining
from making an election to be treated as a partnership, as may be required to ensure that at all times the Company is classified as a corporation for United States federal income tax purposes. The Company shall make due inquiry with its tax advisors
(and shall cooperate with each Investor’s tax advisors with respect to such inquiry) on at least an annual basis regarding whether an Investor or any of such Investor’s partners are subject to the reporting requirements of either or both
of Sections 6038 and 6038B of the Code (and the Company shall duly inform the Investors of the results of such determination), and in the event that any Investor or any of such Investor’s partners are determined by the Company’s tax
advisors or any Investor’s tax advisors to be subject to the reporting requirements of either or both of Sections 6038 and 6038B, the Company agrees, upon a request from the relevant Investor, to provide such information to such Investor as may
be necessary to fulfil such Investor’s or such Investor’s partner’s obligations thereunder. 

  
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	6.3	 Regulatory Filings 

The Group Companies, the Founder Parties and the other direct or indirect holders or beneficial owners of Ordinary Shares (except for
Lightspeed, GGV and GSR) shall duly complete all filings and registrations with the PRC authorities as required by Applicable Laws and regulations, including but not limited to the relevant filing and registrations with the Ministry of Commerce, the
Ministry of Industry and Information Technology, the State Administration of Industry and Commerce, the SAFE, tax bureau, customs authority and the local counterpart of each of the aforementioned governmental authorities, in each case, as
applicable. 
  

	6.4	 Filing of Restated M&A 

Within fifteen (15) days following the Completion, the Restated M&A together with the special or written shareholders resolutions on
approving its adoption shall have been duly filed with the Registrar of Companies of the Cayman Islands. 
  

	6.5	 Compliance 

Each Group Company shall, and the Founder Parties shall cause each Group Company to, comply with all Applicable Laws in all material respects,
including not limited to, applicable PRC laws relating to telecommunication business, software, transportation, intellectual property, anti-monopoly, financing, taxation, lease, employment and social welfare and benefits and SAFE No. 37 Notice.
Without limiting the generality of the foregoing, as soon as practical after the Completion, each Group Company shall use its best efforts to obtain all licenses, consents, registrations and filings that are necessary to (i) own, lease,
license, or use current or future properties and assets, and (ii) to conduct or perform its business in the manner as presently conducted and intended to be conducted. Without prejudicing the generality of the foregoing, after the Completion
and upon the written request by the Investors, the relevant Group Company shall, and the Founder Parties shall cause such Group Company to, use reasonable best efforts to rectify any non-compliance with
Applicable Laws. 
  

	6.6	 Option to Purchase Equity Interest in the Domestic Company 

Each of the Investors shall have an option, exercisable at its sole discretion by giving notice to the Company of its intention to so exercise
at any time after the Completion, to designate an Affiliate which shall be a PRC resident (as defined in SAFE No. 37 Notice), to purchase certain equity interest of the Domestic Company from the then shareholders of the Domestic Company, and
the Warrantors shall cause the then shareholders of the Domestic Company to transfer such equity interest of the Domestic Company to such Investor or its designated Affiliate, for an aggregate nominal consideration of RMB 1 or at other minimum
prices to the extent permitted by Applicable Laws, so that such Investor or its Affiliate (as applicable) shall hold the same shareholding percentage in the Domestic Company as it does in the Company. 

  
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	6.7	 Availability of Class A Ordinary Shares. 

The Company hereby covenants that at all times there shall be made available, free of any liens, for issuance and delivery upon conversion of
the Subscription Shares such number of Class A Ordinary Shares or other shares in the share capital of the Company as are from time to time issuable upon conversion of the Subscription Shares from time to time, and will take all steps necessary
to increase its authorized share capital to provide for sufficient number of Class A Ordinary Shares issuable upon conversion of the Subscription Shares. 
  

	6.8	 Business of the Company and the HK Company. 

The business of the Company shall be restricted to the holding of shares or equity interest in the HK Co. The business of the HK Co shall be
restricted to the holding of shares or equity interest in the WFOEs. 
  

	6.9	 Business of the PRC Companies. 

Prior to entering into any new business other than those in the scope of the Business, each Group Companies shall use its reasonable commercial
efforts and take all necessary actions to implement and carry out the new business plan as approved by the Board of Directors of the Company (including the approval of at least two-thirds (2/3) of all
Preferred Directors), including, without limitation, hiring employees, renting office space, employing legal and technical consultants and undertaking other customary business activities. From the Completion and until the new business plan is duly
amended in accordance with all necessary procedures, the business of the PRC Companies shall be limited to the Business. 
  

	6.10	 Use of Investor’s Name or Logo. 

Without the prior written consent of the relevant Investor, and whether or not such Investor is then a shareholder of the Company, none of the
Group Companies, their shareholders (excluding such Investor), the Founders shall use, publish or reproduce the name of such Investor (or its Affiliates) or any similar names, trademarks or logos in any of their marketing, advertising or promotion
materials or otherwise for any marketing, advertising or promotional purposes. 
  

  
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	6.11	 Compliance. 

Each of the Warrantors jointly and severally represents that it shall not and shall not permit any of its subsidiaries or Affiliates or any of
its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to promise, authorize or make any payment to, or otherwise contribute any item of value, including the proceeds of the transactions
under this Agreement, directly or indirectly, to any third party, including any Non-U.S. Official, in each case, in violation of the FCPA, the U.K. Bribery Act, or any other Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions and will not transfer any such proceeds to or for the benefit of any Sanctioned Person or otherwise in violation of Sanctions. Each of the Founder Parties and the Group Companies further represents that it shall, and
shall cause each of its subsidiaries and Affiliates to cease all of its or their respective activities, as well as remediate any actions taken by the Group Companies, its subsidiaries or Affiliates, or any of their respective directors, officers,
managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions, or any Export Control Laws. Each of the Founder
Parties and the Group Companies further represents that it shall and shall cause each of its subsidiaries and Affiliates to maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing
systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law, and any Export Control Laws. 
  

	6.12	 Permit and License. 

To the extent permitted by the Applicable Laws, each of the Group Companies and the Founder Parties shall procure each of the Group Companies
to, use its best efforts to obtain and maintain in a timely manner all requisite consents and permits for conducting the ordinary course of business or any business to carry out in the future in compliance with all Applicable Laws. 

 

	6.13	 Exclusivity. 

From the date of this Agreement to the Completion, without the consent of the Investors, the Group Companies and the Founder Parties shall not
(i) discuss the sale of any securities of any Group Company with any third party, or (ii) provide any information with respect to any Group Company to any third party in connection with a potential investment by such third party in any
securities of any Group Company, or (iii) close any financing transaction of any securities of any Group Company with any third party. 

6.14 Employee Matters. 

The PRC Companies shall use its commercially reasonable efforts to comply with all applicable PRC labour laws and regulations in all material
respects, including without limitation, laws and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, and pensions. 

The PRC Companies shall use their commercially reasonable efforts to comply with all applicable PRC education laws and regulations in all
material respects, including without limitation, laws and regulations pertaining to the teaching and online education for children and teenagers aged 3-12. The PRC Companies shall use their commercially
reasonable efforts to hire employees who have the qualification for the teaching and educations with respect to children and teenagers aged 3-12. 

 

	6.15	 Tax Matters. 

The PRC Companies shall comply with all applicable PRC tax laws and regulations in all material respects, including without limitation, laws
and regulations pertaining to income tax, value added tax and business tax. 

  
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	6.16	 Tax Basis in Relation to an Indirect Transfer. 

Within one hundred and eighty (180) days following the Completion, all of the Subscription Price shall have been injected into the WFOEs
as the registered capital of the WFOEs with copies of documents evidencing the same provided to the Investors (such injected amount, the “WFOEs Capital Injection Amount”). Each of the Warrantors, jointly and severally, agrees that
(i) in the event of a subsequent sale of Shares in the Company by any Investor, it shall ensure that such Investor is entitled to apply all Subscription Price paid by such Investor to its indirect basis in the equity (or equity cost) of the
WFOEs with respect to any tax filing, tax position and other communication with the relevant PRC tax authorities for purposes of determining any income tax, capital gains tax, withholding tax and any late payment interest and/or penalties derived
thereto, or any other tax calculated with reference to gains made through the subscription, purchase and sale of the Company’s Shares, and (ii) it shall use its commercially reasonable efforts to not take any position that is inconsistent
with (or would otherwise adversely impact the credibility of) clause (i) above in its filings or other communications with the relevant PRC tax authorities. Notwithstanding anything to the contrary herein, the Warrantors shall indemnify each
Investor against all Indemnifiable Losses, in connection with such Investor’s sale of its shares, levied on such Investor by the relevant PRC tax authorities as the result of the tax base for such Shares determined by the relevant PRC tax
authorities being less than all Subscription Price paid by such Investor for such Shares. 
  

	6.17	 Employment Agreement and Confidentiality, Non-Competition and
Intellectual Property Rights Agreements. 

 The Group Companies shall cause the Founder and each of their respective
current and future employees to enter into an employment agreement in form and substance satisfactory to the Board (including the affirmative votes of at least two-thirds (2/3) of the directors appointed by
the holders of the Preferred Shares). The Group Companies shall cause the Founder and each of their respective current and future employees and consultants to enter into a confidentiality, non-competition and
proprietary information and inventions agreement in form and substance satisfactory to the Board (including the affirmative votes of at least two-thirds (2/3) of the directors appointed by the holders of the
Preferred Shares). 
  

	6.18	 Lease. 

As soon as practicable after the Completion, the Warrantors shall cause the PRC Companies to register their leases with competent local housing
authorities to file such records so that the leases of the PRC Companies are properly filed and registered in compliance with relevant PRC Laws. 
  

	6.19	 Intellectual Property. 

The Group Companies shall establish and maintain appropriate intellectual property protection systems to protect the intellectual property of
the Group Companies. Without limiting the generality of the foregoing sentence, the Group Companies shall, and other Warrantors shall cause the Group Companies, to complete the registration of the trademarks, patents, copyrights, domain names and
other intellectual property related to the operation of the Business of the Group Companies as soon as practicable. The Group Companies shall, and the Founders shall cause the Group Companies to, fully comply with the laws and regulations in respect
of the protection of the intellectual property and refrain from infringing any intellectual property of any third party. 

  
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	6.20	 WFOEs’ Registered Capital 

As soon as practicable after the Completion, the Founders and the Group Companies shall procure the registered capital of the WFOEs to be fully
paid in accordance with the charter documents of the WFOEs and Applicable Laws and regulations. 
  

	6.21	 Transfer of Assets. 

 

	 	(a)	 Transfer of Intellectual Property and Business Contracts. When and as advised by the underwriter of the
Company prior to its initial public offering, (i) the intellectual property and the business contracts of the Domestic Company shall, to the maximum extent permitted by applicable laws, be transferred to the WFOEs; (ii) to the maximum
extent permitted by Applicable Laws, any future intellectual property of the Group Companies shall be owned in the WFOEs’ name and any future business contract shall be entered into by the WFOEs; and (iii) the WFOEs shall be primarily
responsible for the research and development of technology related to the Business. 

  

	 	(b)	 Transfer of Employees. Within twelve (12) months following the Completion or any later time as
agreed by the Investors, to the maximum extent permitted by Applicable Laws, the employment relationship of the Key Employees, as requested by the Investors, shall have been transferred to the WFOEs. 

 

	6.22	 SAFE Amendment Registration. 

If and to the extent required by Applicable Law, the Founder Parties shall, with respect to both of the Ordinary Shares and Preferred Shares
held by them, and the Warrantors shall cause each of the other direct and indirect holders or beneficial owners of the Ordinary Shares (except for direct or indirect holders of Lightspeed, GGV and GSR) to amend and update each of their registrations
with SAFE in respect of the financing of the Company contemplated hereunder, and shall deliver to the Investors and its counsel satisfactory evidence for completion of such amendment registration. 

 

	6.23	 Covenants between Signing and Completion. 

 

	 	(a)	 Between the date hereof and the Completion, except as the Investors otherwise agree in writing or for the
transactions contemplated under the Transaction Documents, each of the Group Companies shall (i) conduct its business in the ordinary course consistent with past practice, as a going concern and in compliance with all Applicable Laws,
(ii) pay or perform its debts, Taxes, and other obligations when due, (iii) maintain its assets in a condition comparable to their current condition, reasonable wear, tear and depreciation excepted, (iv) use reasonable best efforts to
preserve intact its current business organizations and keep available the services of its current officers and employees and preserve its relationships with customers, suppliers and others having business dealings with it, (v) otherwise
periodically report to the Investors concerning the status of its business, operations and finance, and (vi) take all actions reasonably necessary, to consummate the transactions contemplated by this Agreement promptly, including the taking of
all reasonable acts necessary to cause all of the conditions precedent of the Investors to be satisfied. 

  
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	 	(b)	 From the date hereof until the Completion, (i) the Company shall promptly notify the Investors in writing
of any Action commenced or threatened against any Group Company, (ii) each Party hereto shall promptly notify the other Parties of any breach, violation or non-compliance by of any representation,
warranty or covenant made by such Party hereunder, and (iii) each Party will promptly provide the other Parties with copies of all correspondence and inquiries to and from, and all filings made with, any governmental authority with respect to
the transactions contemplated hereby. 

  

	6.24	 Negative Covenants between Signing and Completion. 

Between the date hereof and the Completion, except as the Investors otherwise agree in writing or for the transactions contemplated under the
Transaction Documents, none of the Group Companies shall (and the Warrantors shall not permit any of the Group Companies to) (a) take any action that would make any Warranty inaccurate at the Completion, (b) waive, release or assign any
material right or claim, (c) take any action that would reasonably be expected to materially impair the value of the Group Companies, (d) sell, purchase, assign, lease, transfer, pledge, encumber or otherwise dispose of any material asset,
(e) issue, sell, or grant any Share unless otherwise pursuant to the Transaction Documents, (f) declare, issue, make, or pay any dividend or other distribution with respect to any Share, (g) incur any indebtedness for borrowed money
or capital lease commitments or assume or guarantee any indebtedness of any Person, (h) enter into any contract or other transaction with any related party unless otherwise pursuant to the Transaction Documents, (i) make or permit any
amendment to or effect any termination of any Group Company Contract, enter into any new contract that would have been a Material Contract if in effect on the date hereof, or make any amendment to or waiver under any Constitutional Document;
(j) make or permit any change in any compensation arrangement or contract with any Key Employee, or adoption of any new ESOP, or made any change in any existing ESOP; (k) make or permit any change in accounting methods or practices or any
revaluation of any of its assets; or (l) authorize, approve or agree to any of the foregoing. If at any time before the Completion, any of the Warrantors comes to know of any material fact or event which: 

 

	 	(a)	 is in any way materially inconsistent with any of the Warranties given by each Warrantor, subject to any
qualification by the Schedule of Exceptions, 

  

	 	(b)	 suggests that any material fact warranted may not be as warranted or may be materially misleading, or

  

	 	(c)	 might affect the willingness of a reasonable investor in making a prudent decision to purchase the Subscription
Shares or the amount of consideration which such Investor would be prepared to pay for the Subscription Shares, 

  
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 such Warrantor shall give immediate written notice thereof to the Investors in which event
the Investors may within fifteen (15) Business Days of receiving such notice terminate this Agreement by written notice without any penalty whatsoever and without prejudice to any rights that the Investors may have under this Agreement or
Applicable Law, provided, that, if (i) the event described in (a), (b) or (c) above would not, result or reasonably be expected to result, in a Material Adverse Effect, and (ii) in each case such event is, and is so cured within
thirty (30) days thereof, then this Agreement may not be terminated under this Clause 6.24. If this Agreement is terminated in the event of (a) or (b) above, or in the event of (c) above when such fact or event is caused by the
Company, solely in the event of fraud or gross negligence by any Warrantor, each Warrantor shall jointly and severally indemnify the Investors against all costs, charges and expenses incurred by it in connection with the negotiation, preparation and
termination of this Agreement and other Transaction Documents. 
  

	6.25	 Tax under Announcement 7. 

Venus Mission Limited shall, and Warrantors shall procure Venus Mission Limited to, perform the tax duties in connection with the sale of
shares of the Company to Kun Yu Holding Limited according to the requirements of the Announcement of the State Administration of Taxation on Several Issues Concerning the Enterprise Income Tax on Indirect Property Transfer by Non-Resident Enterprises (“Circular No. 7”), including (a) the completion of the tax filing pursuant to Circular No. 7 as soon as practicably possible but no later than
December 31, 2020, and (b) the completion of the payment of the applicable taxes pursuant to Circular No. 7 as soon as practicably possible. 
  

	6.26	 Onshore Transfer 

As soon as practicable after the Completion but no later than two (2) months after the Completion, the Domestic Company shall, and the
other Warrantors shall cause the Domestic Company to duly register with the State Administration for Industry and Commerce of the Onshore Transfer. 
  

	6.27	 Registration of Equity Pledge 

As soon as practicable after the Completion but no later than three (3) months after the Completion, the Domestic Company shall, and the
other Warrantors shall cause the Domestic Company to duly register with the State Administration for Industry and Commerce of the equity pledge contemplated under the relevant Equity Pledge Agreements
(股权质押协议) in the Restructuring Documents. 
  

	6.28	 Sanctioned Persons. The Company represents and warrants to the Investors that: (i) neither
it nor any of its Relevant Persons is a Sanctioned Person nor acting for or on behalf of any Sanctioned Person, and (ii) no Group Company nor any of its Relevant Persons is a Sanctioned Person or acting for or on behalf of any Sanctioned
Person. 

  

	6.29	 Compliance Audit or Inquiry. The Company agrees to cooperate with any compliance audit or inquiry
by any Investor and/or its professional advisors related to a violation or potential violation of Anti-Corruption Laws, Anti-Money Laundering Laws, Export Control Laws or Sanctions, and to implement any remediation measures reasonably requested by
such Investor and/or its professional advisors in response to the same. 

  
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	6.30	 ICP Filling. As soon as practicable and within six (6) months after the Completion, the
Warrantors shall procure the Domestic Company to complete the fillings of Internet Content Provider License with competent Governmental Authorities with respect to the change of share capital of the Domestic Company after Yang Haoyong
(杨浩涌) transferring all of his equity interests of the Domestic Company to the Founder(s). 

  

	6.31	 Compliance Program. Company shall, and shall procure that each Group Company shall, adopt
compliance policies, procedures and related training programs (the “Compliance Program”), as soon as practicable and in any event within six months after the Completion and in consultation with KKR and/or its counsel, reasonably
adequate and designed to detect, prevent and deter violations of applicable (i) Anti-Corruption Laws, (ii) Sanctions, (iii) export controls, (iv) Anti-Money Laundering Laws, and (v) Export Control Laws. The Company shall not
subsequently amend any element of the Compliance Program without KKR’s prior written consent and undertake to inform KKR immediately of any potential non-compliance of the Compliance Program. KKR shall be issued by the Company a certificate on
a quarterly basis acknowledging on a quarterly basis and in a form and substance agreeable to KKR, the Company’s ongoing understanding of their compliance obligations under this Agreement and the Shareholders’ Agreement.

  

	7.	 INDEMNITIES 

 

	7.1	 The Warrantors hereof jointly and severally undertake to fully indemnify the Investors, its Affiliates,
directors, officers, employees, limited partners, members, stockholders, attorneys (including, without limitation, those retained in connection with the transactions contemplated herein), agents and representatives (each an
“Indemnitee” and collectively, the “Indemnitees”), and to keep each such Indemnitee harmless from and against all direct losses, liabilities, costs and damages (including without limitation legal costs) (the
“Indemnifiable Losses”) which may be suffered or incurred by any of them in connection with, arising out of or as a result of any of the following: 

 

	 	(a)	 any of the Warranties (including but not limited to warranties regarding tax and incorporation matters) not
being true, correct or accurate in all respects or not being fully complied with at all times; 

  

	 	(b)	 any breach or violation of any covenant or agreement contained herein or any of the Transaction Documents; and

  

	 	(c)	 any of the Covenants in Clause 6 and any other undertakings or obligations in this Agreement not being
fully performed or fully complied with at all times. 

  
 27 

	7.2	 Notwithstanding the foregoing, the Warrantor shall, jointly and severally, indemnify and keep indemnified the
Indemnitees at all times and hold them harmless against any and all Indemnifiable Losses resulting from, or arising out of, or due to, directly or indirectly, (x) any claim for tax which has been made or may hereafter be made against the
Domestic Company and any other Group Company wholly or partly in respect of or in consequence of any event occurring or any income, profits or gains earned, accrued or received by the Domestic Company and any Group Company on or before the
Completion, (y) all liability for any taxes of any other person imposed by any governmental authority on any Group Company as a transferee, successor, withholding agent, or accomplice in connection with an event or transaction occurring before
the Completion, and (z) all liability for taxes attributable to any misrepresentation or breach of warranty made in Clause 18 of Schedule 4 of this Agreement, and any reasonable costs, fees or expenses incurred and other
liabilities which the Domestic Company and any Group Company may properly incur in connection with the investigation, assessment or the contesting of any claim, the settlement of any claim for tax, any legal proceedings in which the Domestic Company
claims in respect of the claim for tax and in which an arbitration award or judgment is given for the Domestic Company or other Group Company and the enforcement of any such arbitration award or judgment, whether or not such tax is chargeable
against or attributable to any other person (“Tax Indemnifiable Loss”), provided, however, that the Warrantors shall be under no liability for any tax matters, if any: 

 

	 	(a)	 to the extent that such Tax Indemnifiable Loss is promptly cured within thirty (30) days after the
occurrence of such Tax Indemnifiable Loss without recourse to cash or other assets of any Group Company; 

  

	 	(b)	 to the extent that such Tax Indemnifiable Loss has been clearly disclosed in the Financial Statements (as
defined in Schedule 4); 

  

	 	(c)	 if it has arisen in and relates to the ordinary course of business of a Group Company since the Balance Sheet
Date, subject to compliance with Applicable Law; 

  

	 	(d)	 to the extent that the liability arises as a result only of a provision or reserve in respect of the liability
made in the Financial Statements being insufficient by reason of any increase in rates of tax announced after the Completion with retrospective effect; or 

  

	 	(e)	 to the extent that the liability arises as a result of legislation which comes into force after the Completion
and which is retrospective in effect. 

  

	7.3	 Notwithstanding anything contained in the Schedule of Exceptions, each of the Group Companies shall jointly and
severally indemnify at all times and hold harmless each Indemnitee from and against any Indemnifiable Loss directly or indirectly, as a result of, or based upon or arising from (i) the non-payment or
underpayment of social insurance or housing fund contributions, (ii) any dispute or infringement claim in connection with violation of any of the Proprietary Assets of any other person or entity before the Completion, and (iii) any Action,
suit, arbitration or other court proceeding, pending or threatened, due to the non-compliance with any Applicable Laws or Group Company Contracts existing prior to the Completion, in each case, even if the
liability is actually incurred after the Completion or the liability has been disclosed to the Investors. 

  

	7.4	 If any Indemnitee believes that it has a claim that may give rise to an obligation of any Warrantor pursuant to
this Clause 7, it shall give prompt notice thereof to the Warrantors stating specifically the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted. Any dispute related to this
Clause 7 shall be resolved pursuant to Clause 17. 

  
 28 

	7.5	 For the avoidance of doubt, each of the Warrantors hereby agrees and covenants that he/it will do all such
things and undertake all such actions, including without limitation, any applications to and registrations with the governmental authorities and any other protective measures reasonably requested by the Investors, to ensure that the agreement of the
parties with respect to joint and several liability of the Warrantors under the Transaction Documents is given full force and effect. 

  

	7.6	 Notwithstanding the above provisions, absent fraud or any wilful misconduct on the part of any Warrantor, none
of the Warrantors shall have any liability under the warranties and representations to the extent that any individual claim against any of them in respect thereof does not exceed US$10,000 (in respect of the Group Companies) or US$20,000 (in respect
of the Founder Parties). For the avoidance of doubt, if the total amount of the Indemnifiable Loss exceeds US$10,000 (in respect of the Group Companies) or US$20,000 (in respect of the Founder Parties), the Warrantors shall be liable for the full
amount of Indemnifiable Loss. Notwithstanding any other provision contained herein, absent fraud or wilful misconduct by any of the Founder Parties, the maximum liability of the Founder Parties shall be limited to one hundred percent (100%) of the
shares directly or indirectly held by the Founder Parties in the Company. Absent fraud or wilful misconduct on the part of any Warrantor, the Indemnitees shall not be entitled to make any claim against the Founder Parties unless written notice
thereof has been given to each of the Founder Parties (a) with respect to claims made pursuant to Section 7.2 hereof, within five (5) years from the date of Completion, and (b) with respect to all other claims, within two
(2) years from the date of Completion. 

  

	7.7	 This Clause 7 shall not be deemed to preclude or otherwise limit in any way the exercise of any other
rights or pursuit of equitable remedies (including but not limited to injunctive relief and/or specific performance) for the breach of this Agreement or with respect to any misrepresentation. 

 

	7.8	 The Warrantors’ obligations under this Clause 7 shall survive the Completion.

  

	8.	 PROCEEDS OF SUBSCRIPTION 

 

	8.1	 The parties acknowledge and agree that the proceeds of the subscription for the Series E Shares under this
Agreement shall be used, in accordance with the directions of the Company’s Board of Directors, as it shall be constituted in accordance with the Shareholders’ Agreement, to fund the WFOEs’ register capital and for the capital
expenditures, equipment purchase, hiring, research and development and general working capital of the Group Companies, in particular for the expansion of the existing lines of business. 

 

	9.	 SEVERABILITY AND SURVIVAL 

 

	9.1	 If at any time any one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of
performance in any respect, the validity, legality, enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or impaired. 

 

	9.2	 The obligations of the Group Companies and the Founder Parties shall survive the Completion.

  
 29 

	10.	 ENTIRE AGREEMENT 

This Agreement constitutes the entire agreement and understanding between the parties in connection with the subject matter of this Agreement
and supersedes all previous term sheets, proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and no party has relied or is entitled to rely on any such term sheets, proposals,
representations, warranties, agreements or undertakings. 
  

	11.	 TIME OF ESSENCE AND REMEDIES AND WAIVERS 

 

	11.1	 Time shall be of the essence under this Agreement. 

 

	11.2	 No delay or omission by any party in exercising any right, power or remedy provided by law or under this
Agreement shall: 

  

	 	(a)	 affect that right, power or remedy; or 

 

	 	(b)	 operate as a waiver of it. 

 

	11.3	 The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not
preclude any other or further exercise of it or the exercise of any other right, power or remedy. 

  

	11.4	 The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights,
powers and remedies provided by law. 

  

	11.5	 It is agreed and understood that monetary damages would not adequately compensate an injured party for the
breach of this Agreement by any other party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.
Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

  

	12.	 PUBLIC ANNOUNCEMENTS 

 

	12.1	 The investment and subscription of the Subscription Shares by the Investors in the Company, including without
limitation the existence of such investment and the terms and conditions of this Agreement, the term sheets preceding this Agreement and any other Transaction Documents shall be confidential information and shall not be disclosed by any Warrantor or
any of their Affiliates to any person not being a party hereto except with the prior written consent of the Investors. 

  

	12.2	 Notwithstanding Clause 12.1, each Warrantor may disclose the terms of the investment to its employees,
investment bankers, lenders, accountants, attorneys, business partners, directors, shareholders, senior management and bona fide prospective investors, in each case only where such persons or entities are under appropriate non-disclosure obligations. For the avoidance of doubt, other than disclosures to the foregoing permitted persons, none of the Warrantors may disclose the investment amounts in relation to the Subscription Shares,
the valuation of the Company, the rights and privileges of the Investors under this Agreement and the Shareholders’ Agreement and the share capital structure of the Company to any person except with the prior written consent of the Investors.

  
 30 

	12.3	 In the event that any Warrantor becomes legally compelled (including without limitation, pursuant to securities
laws and regulations) to make disclosure not permitted under Clauses 12.1 and 12.2, such Warrantor (“Disclosing Party”) shall provide the other parties (“Non-Disclosing
Parties”) with prompt written notice of that fact so that the appropriate party may seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedies. In such
event, the Disclosing Party shall furnish only that portion of the information which is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information to the
extent reasonably requested by any Non-Disclosing Party. 

  

	13.	 ASSIGNMENT AND COUNTERPARTS 

 

	13.1	 This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective assigns
and successors. 

  

	13.2	 Each Investor may assign and transfer, to its Affiliates, any of its rights, benefits and obligations in this
Agreement including without limitation the benefit of any representations, warranties and undertakings contained herein. Save as aforesaid, no party hereto may assign or transfer any of his or its rights or obligations under this Agreement.

  

	13.3	 This Agreement may be entered into by any party by executing a counterpart hereof and may be delivered by
electronic PDF or facsimile transmission, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 

  

	14.	 NOTICES AND OTHER COMMUNICATION 

 

	14.1	 All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address, or to such email address, facsimile number or address as set forth on Schedule 5 hereto or as subsequently modified
by written notice given in accordance with this Clause 14.1. 

  

	15.	 FURTHER ASSURANCE 

Each of the parties shall at its (as the case may be) own costs, from time to time upon request, do or procure the doing of all acts and/or
execute or procure the execution of all documents in a form satisfactory to the other parties which the other parties may reasonably request for giving full effect to this Agreement and securing to the other parties the full benefit of the rights,
powers and remedies conferred upon the other parties in this Agreement. 

  
 31 

	16.	 COSTS AND EXPENSES 

 

	16.1	 Each Party shall pay all of its own costs and expenses incurred in connection with the negotiation,
preparation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby. 

  

	17.	 GOVERNING LAW AND JURISDICTION 

 

	17.1	 This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of
Hong Kong without regard to the conflict of laws principles thereof. 

  

	17.2	 Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach,
termination or validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the
other Parties involved a written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any
Party with notice to the other Parties. 

  

	17.3	 The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration
Centre (the “HKIAC”). There shall be three (3) arbitrators. The complainant and the respondent to such dispute shall each select one (1) arbitrator within thirty (30) days after giving or receiving the demand for
arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator. If either party to the arbitration does not appoint
an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

 

	17.4	 The arbitration proceedings shall be conducted in Hong Kong in English. The arbitration tribunal shall apply
the Arbitration Rules of the HKIAC in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Clause 17, including the provisions concerning the appointment of arbitrators, the provisions of
this Clause 17 shall prevail. 

  

	17.5	 Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing
complete access to all information and documents requested by such party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the request. 

 

	17.6	 The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to
the dispute may apply to a court of competent jurisdiction for enforcement of such award. 

  

	17.7	 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. 

  
 32 

	18.	 FINDER’S FEES 

Except as disclosed in the Schedule of Exceptions, each party (a) represents and warrants to the other parties hereto that it has retained
no finder or broker in connection with the transactions contemplated by this Agreement, and (b) hereby agrees to indemnify and to hold harmless the other party hereto from and against any liability for any commission or compensation in the
nature of a finder’s fee of any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the indemnifying party or any of its employees or representatives are responsible.

  

	19.	 FORCE MAJEURE 

In the event of earthquakes, typhoon, flood, war or other events (the “Event of Force Majeure”), the consequences of
which are beyond the parties’ control, prevention or avoidance and which directly affects the performance of this Agreement or hinders performance of its items, the party which is affected by it should immediately inform the other
parties in writing, and within five (5) days shall provide details of the event and valid documentary evidence supporting the reasons for which matters agreed in this Agreement cannot be performed in whole or in part or for which performance
will be delayed. Such documents must be issued by the notary public office in the place where the said event has occurred. Notwithstanding the foregoing, the Party affected by the Event of Force Majeure shall (i) use all reasonable efforts to
remedy the situation and minimize or remove the effects of Event of Force Majeure so far as possible and, subject thereto, comply with its obligations hereunder; (ii) within the shortest time practicable, attempt to resume performance of the
obligations suspended by Event of Force Majeure. 
  

	20.	 NO RECOURSE 

Notwithstanding anything that may be expressed or implied in this Agreement, no recourse under this Agreement shall be had against any current
or future Affiliate of KKR, any current or future direct or indirect shareholder, member, general or limited partner, controlling person or other beneficial owner (as applicable) of KKR or any of their respective Affiliates, representatives or
successors and assigns of each of the foregoing (collectively, “Non-Liable KKR Persons”), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of
any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Non-Liable KKR
Person for any obligation of KKR under this Agreement or for any claim based on, in respect of or by reason of such obligations or their creation. Each Non-Liable KKR Person shall be an express third party
beneficiary of, and entitled to directly enforce, this Clause 20. 
  

	21.	 LIABILITYOF INVESTORS 

Notwithstanding anything to the contrary herein, the obligations of the Investors in this Agreement shall be several and not joint. 

  
 33 

	22.	 SEQUOIA ENTITIES 

The parties hereto acknowledge and agree that (a) the name “Sequoia Capital” is commonly used to describe a variety of entities
(collectively, the “Sequoia Entities”) that are affiliated by ownership or operational relationship and engaged in a broad range of activities related to investing and securities trading and (b) notwithstanding any other
provision of this Agreement to the contrary, this Agreement shall not be binding on, or restrict the activities of, any (i) Sequoia Entity outside of the Sequoia China Sector Group, (ii) entity primarily engaged in investment and trading
in the secondary securities market; (iii) the ultimate beneficial owner of an Sequoia Entity (or its general partner or ultimate general partner) who is a natural Person, and such Person’s relatives (including but without limitation, such
Person’s spouse, parents, children, siblings, mother-in-law and father-in-law and
brothers and sisters-in-law), (iv) any officer, director or employee of a Sequoia Entity (or its general partner or ultimate general partner) and such Person’s
relatives, and (v) for the avoidance of doubt, any portfolio companies of any Sequoia Entity and portfolio companies of any affiliated investment fund or investment vehicle of any Sequoia Entity. For purposes of the foregoing, the
“Sequoia China Sector Group” means all Sequoia Entities (whether currently existing or formed in the future) that are principally focused on companies located in, or with connections to, the People’s Republic of China that are
exclusively managed by Sequoia Capital. 
  

	23.	 RESTRICTION ON THE USE OF “SEQUOIA” AND CONFIDENTIALITY 

Without the written consent of Sequoia, the Company, its shareholders (excluding Sequoia) and the Founder, shall not use the name or brand of
Sequoia or its Affiliate, claim itself as a partner of Sequoia or its Affiliate, make any similar representations. Without the written approval of Sequoia, the Company, its shareholders (excluding Sequoia) and the Founder, shall not make or cause to
be made, any press release, public announcement or other disclosure to any third party in respect of this Agreement or Sequoia’s subscription of share interest of the Company. 

– EXECUTION PAGES FOLLOW – 

  
 34 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first
written above. 
  

							
	COMPANY:	 		 	Spark Education Limited
				
		 		 	By:	 	 /s/ Luo
Jian                                         
                       

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Director    
			
	HK CO:	 		 	Spark Education (HongKong) Limited
				
		 		 	By:	 	 /s/ Luo Jian

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Director
			
	BEIJING WFOE:	 		 	Beijing Spark Education and Technology Co., Ltd. (北京火花思维教育科技有限公司)
				
		 		 	By:	 	 /s/ Luo Jian

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:
			
	TIANJIN WFOE:	 		 	Tianjin Spark Education and Technology Co., Ltd. (天津火花思维教育科技有限公司)
				
		 		 	By:	 	 /s/ Ge Qing

		 		 	Name: Ge Qing (葛青)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first
written above. 
  

							
	DOMESTIC COMPANY:	 		 	Beijing Xingengyuan Technology Ltd. (北京心更远科技发展有限公司)
				
		 		 	By:	 	 /s/ Luo Jian

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Legal Representative
			
		 		 	Affix Seal:
			
	BEIJING CO:	 		 	Beijing Spark Juli Education Consulting Co., Ltd. (北京火花聚力教育咨询有限公司)
				
		 		 	By:	 	 /s/ Wang Xiaonan

		 		 	Name: Wang Xiaonan (王霄楠)
		 		 	Title: Legal Representative
			
	WUHAN CO:	 		 	Wuhan Spark Education Consulting Co., Ltd. (武汉火花思维教育咨询有限公司)
				
		 		 	By:	 	 /s/ Luo Jian

		 		 	Name: Luo Jian (罗剑)
		 		 	Title: Legal Representative

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription
Agreement as of the date first written above. 
 Founder Parties: 

 

			
	Venus Mission Limited
		
	By:	 	 /s/ Luo Jian

	Name: Luo Jian (罗剑)
	Title: Director
	
	 Luo Jian (罗剑)
  

	By:	 	 /s/ Luo Jian

	
	Fun Kingdom Limited 
		
	By:	 	 /s/ Shan Zebing

	Name: Shan Zebing (单泽兵)
	Title: Director
	
	Shan Zebing (单泽兵)
		
	By:	 	 /s/ Shan Zebing

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	INVESTOR:	 	        	 	ZETA ASIA HOLDINGS PTE. LTD. 
				
		 		 	By:	 	 /s/ Yan ChengKang

		 		 	Name:	 	Yan ChengKang
		 		 	Title:	 	Director

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription
Agreement as of the date first written above. 
  

							
	INVESTORS:	 	    	 	 GGV VII Investments, L.L.C.
  

		 		 	By:	 	GGV Capital VII L.L.C., its Manager
				
		 		 	By:	 	 /s/ Stephen Hyndman

		 		 	Name:	 	Stephen Hyndman
		 		 	Title:	 	Attorney in Fact
			
		 		 	 GGV VII Plus Investments, L.L.C.
  

		 		 	By:	 	GGV Capital VII Plus L.L.C., its Manager
				
		 		 	By:	 	 /s/ Stephen Hyndman

		 		 	Name:	 	Stephen Hyndman
		 		 	Title:	 	Attorney in Fact

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	GSR VENTURES VI (SINGAPORE) PTE. LTD.
				
		 		 	By:	 	 /s/ Xiaohu Zhu

		 		 	Title:	 	Authorized Signatory
			
		 		 	GSR Chop. Notwithstanding any other provision in this Agreement, this Agreement shall not be effective unless and until GSR VENTURES VI (SINGAPORE) PTE. LTD. has affixed its chop on the appropriate
signature page hereof.

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	INVESTOR:	 		 	GSR 2017 Opportunities (Singapore) Pte. Ltd.
				
		 		 	By:	 	 /s/ Xiaohu Zhu

		 		 	Title:	 	Authorized Signatory
			
		 		 	GSR CHOP. Notwithstanding any other provision in this Agreement, this Agreement shall not be effective unless and until GSR 2017 OPPORTUNITIES (SINGAPORE) PTE. LTD. has affixed its chop on the appropriate
signature page hereof.

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription
Agreement as of the date first written above. 
  

							
	INVESTOR:	 		 		 	
			
		 		 	LFC Investment Hong Kong Limited
				
		 		 	By:	 	 /s/ Duoduo Yi

		 		 	Title: Authorized Signatory

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription
Agreement as of the date first written above. 
  

							
	INVESTOR:	 		 	SCC Venture VII Holdco, Ltd.
				
		 		 	By:	 	 /s/ Ip Siu Wai Eva

		 		 	Name: Ip Siu Wai Eva
		 		 	Title: Authorized Signatory
		 		 	Date:

 Signature Page to Share Subscription Agreement - Spark Education Limited 

 IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of
the date first written above. 
  

							
	INVESTORS:	 		 	IDG China Venture Capital Fund IV L.P.
			
		 		 	By: IDG China Venture Capital Fund IV Associates L.P.,
		 		 	Its General Partner
			
		 		 	By: IDG China Venture Capital Fund GP IV Associates Ltd.,
		 		 	Its General Partner
				
		 		 	By:	 	 /s/ Chi Sing HO

		 		 	Name: Chi Sing HO
		 		 	Title: Authorized Signatory
			
		 		 	IDG China IV Investors L.P.
			
		 		 	By: IDG China Venture Capital Fund GP IV Associates Ltd.,
		 		 	Its General Partner
				
		 		 	By:	 	 /s/ Chi Sing HO

		 		 	Name: Chi Sing HO
		 		 	Title: Authorized Signatory

 Signature Page to Share Subscription Agreement - Spark Education Limited

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