Document:

English Translation of Equity Pledge Agreement, dated June 8, 2011

 Exhibit 4.27 
 English Translation 
 EQUITY PLEDGE AGREEMENT 

THIS EQUITY PLEDGE AGREEMENT (“this Agreement”) is made on June 8, 2011 in Changsha, the People’s Republic of China:

 BY AND AMONG: 
 Pledgor: Dong Xu

 ID Card Number: 110108196611048978 

Address: A4-4A Cuihai Garden, Qiaoxiang Road, Futian District, Shenzhen 
 Pledgee: Changsha Little New Star Animation Digital Technology Co., Ltd. (“Animation Digital”) 
 Address: 3/F, Block 5, Xiangshu Yuan, 8 Lu Gu Lu Tian Road, Gao Xin Kai Fa District, Changsha 

WHEREAS: 
  

	1.	Changsha Leisen Education Software Co., Ltd. (“Leisen Education”) is a limited liability company duly incorporated in Changsha, the People’s
Republic of China (“China”), and validly existing under Chinese laws, and is mainly engaged in developing and manufacturing education software, providing related technical services, the sale of audio products, the retail of
electronic publications, and other related businesses; 

  

	2.	As of the date of the execution of this Agreement, the Pledgor owns 100% equity interest in the Leisen Education; 

 

	3.	The Pledgee is a wholly foreign owned enterprise duly incorporated in Changsha, China and validly existing under Chinese laws; 

 

	4.	The Pledgee has entered into various agreements listed in Exhibit 1 hereto (the “Master Liability Agreement”) with the Pledgor; and

  

	5.	To guarantee the performance by the Pledgor and Leisen Education under each of the Master Liability Agreements of his/her/its obligations thereunder, the Pledgor agrees
to pledge all his equity interest in Leisen Education as security for the performance by the Pledgor of all of his obligations thereunder, and the Pledgee agrees to accept such security, on the terms and conditions hereof. 

NOW, THEREFORE, the Pledgor and the Pledgee unanimously agree to enter into this Agreement according to the following terms: 

 

	1.	Definitions 

 Unless
otherwise required herein, the following terms shall have the meaning as follows: 
  

	 	1.1	“Pledged Equity” means the 100% equity interest legally held by the Pledgor in Animation Digital, and all rights and incomes pertaining to such equity
interest (including but not limited to any dividend generated under the Pledged Equity). 

	 	1.2	“Secured Liabilities” means all obligations or liabilities of the Pledgor incurred under the Master Liability Agreements (including any renewed
agreements, amendment agreements and supplemental agreements to the Master Liability Agreements), including but not limited to any consulting fees, content provision costs, development and maintenance costs, interests, default penalties,
compensation and expenses for the realization of liabilities that is payable to Pledgee by the Pledgor in connection with the Master Liability Agreements, as well as any losses suffered by the Pledgee due to the breach by the Pledgor, and any other
expenses payable. 

  

	2.	Pledge of Equity Interest 

  

	 	2.1	To guarantee the performance by the Pledgor and/or Leisen Education of all obligations and liabilities to the Pledgee under the Master Liability Agreements, the Pledgor
agrees to pledge the Pledged Equity hereunder to the Pledgee, and the Pledgee agrees to accept the above Pledged Equity as security, on the terms and conditions hereof. 

 

	3.	Scope of Security 

  

	 	3.1	The scope of security hereunder shall be subject to the Secured Liabilities defined in Article 1.2. 

 

	4.	Duration and Registration of Pledge 

  

	 	4.1	The duration of the pledge starts on the date listed in the record of the pledge of the Pledged Equity hereunder on Leisen Education’s register of members and
shall be determined in accordance with the Master Liability Agreements. In the event of any inconsistencies between the term of each of the Master Liability Agreements, the duration of the pledge shall be determined on the basis of the term of the
Master Credit Agreement that is due last. 

  

	 	4.2	The Pledgor shall, within 15 business days after this Agreement becomes effective, procure the Target Company to record the pledge of the Pledged Equity hereunder on
its register of members pursuant to Article 4.1 of this Agreement, and shall complete all formalities in relation to the registration or filing of the pledge with the department in charge of industrial and commercial administration.

  

	 	4.3	Should there be any changes in any records of the pledge, which requires for the change of registration according to laws, the Pledgor and the Pledgee shall, within 15
business days after the change of record, complete the formalities for the change of the register of members and the relevant formalities in relation to the change of filing with the department in charge of industrial and commercial administration.

	5.	Safe-keeping of Pledge Evidence 

  

	 	5.1	The Pledgor shall, within 15 business days after this Agreement becomes effective, hand over any certificates showing his capital contributions to Leisen Education, and
a register of members in which the capital contributions are recorded to the Pledgee for safe keeping. 

  

	6.	Representations and Warranties by the Pledgor 

  

	 	6.1	The Pledgor is a Chinese natural person with full capacity for civil conducts, who are entitled to execute this Agreement, and to exercise and perform his rights and
obligations hereunder. 

  

	 	6.2	The Pledgor signs and performs this Agreement out of his true intention, and have obtained all necessary lawful authorization. All obligations of the Pledgor hereunder
are legal, valid, and enforceable. 

  

	 	6.3	The execution and performance by the Pledgor of this Agreement will not result in any violations or conflicts with the articles of association of Leisen Education, its
internal rules, contracts with third parties and the relevant Chinese laws and regulations, or approvals, authorizations, consents and permits of the relevant PRC departments with competent jurisdiction, or rulings and orders of courts.

  

	 	6.4	The Pledgor is the sole legitimate owner of the Pledged Equity, and has paid all capital contributions subscribed by him according to laws and obtained a capital
verification report issued by an accounting firm with appropriate qualifications in respect thereof. The Pledgor is entitled to create the first priority pledge over the Pledged Equity for the Pledgee. There is no dispute over the ownership of the
Pledge Equity, nor is there any mortgage right or other security interest created in respect thereof for any third parties. There is no trust or restrictive condition for use with respect to the Pledged Equity. The Pledged Equity has not been
lawfully seized, frozen, detained, or put under the custody of any third parties, and is not entitled to any waivers from litigation, implementation, mandatory measures, or other legal proceedings. 

 

	 	6.5	The Pledgor has not had and continued to have any breach or potential breach hereunder, and there is no such risk within his knowledge. The Pledgor has not had and
continues to have any breach or potential breach under other contracts to which he is a party, which could have a material adverse effect on the Pledgor, and there is no such risk within his knowledge. 

 

	 	6.6	The Pledgor has observed and performed all the relevant obligations required by any laws applicable to him, and has complied with all authorization and permits
applicable to him; there has been no circumstance of the Pledgor which is in violation of any relevant laws, rules, or regulations, and which could have a material adverse effect on the legality, validity, performance, and enforceability of this
Agreement. 

  

	 	6.7	To the best knowledge of the Pledgor, there is no legal proceeding or administrative proceeding commenced or taken by any court, arbitration tribunal or any government
authority against the Pledgor or his Pledged Equity, nor is there any legal proceeding or administrative proceeding commenced or instituted by any court, arbitration tribunal, or any government or other authority against the Pledgor or his Pledged
Equity, and there is no such risk within his knowledge. 

	 	6.8	All information disclosed by the Pledgor to the Pledgee (including documents, information, statements and evidence, etc.) are true, complete, accurate, valid,
reasonable, not misleading, and does not contain false information, and there is no significant event that must be, but is not disclosed. 

  

	7.	Undertakings of the Pledgor 

  

	 	7.1	During the subsistence of this Agreement, the Pledgor undertakes to the Pledgee as follows: 

 

	 	7.1.1	without the prior written consent of the Pledgee, the Pledgor shall not create any other security (whether or not it has priority over the pledge hereunder) or other
restrictive conditions over or on all or part of the Pledged Equity; 

  

	 	7.1.2	without the prior written consent of the Pledgee, the Pledgor shall not sell, lease, lend, transfer, assign, offer as gift, re-mortgage, act as custodian of, or
otherwise dispose of all or part of the Pledged Equity, or make capital contribution in the form of the Pledged Equity; 

  

	 	7.1.3	The Pledgor shall not use or permit others to use the Pledged Equity to do any act or thing that is in violation of laws or this Agreement; and

  

	 	7.1.4	Upon receipt of any notice, order, ruling, judgment or other document relating the Pledged Equity from any government authority, judicial authority or arbitration
institution of the PRC, the Pledgor shall notify the Pledgee of the same and shall, within the period as required by laws, take all necessary measures and steps to reduce any risk that such notice, order or other document may have on the Pledged
Equity. When the Pledgee thinks necessary, the Pledgor shall institute legal actions, arbitrations or administrative actions against the above notice, order or other document, and bear all costs in relation thereto. 

 

	 	7.2	The Pledgor further agrees that any rights obtained by the Pledgee pursuant to the provisions hereof shall not be interrupted nor impeded by any legal proceedings
instituted by the Pledgor, or any successors of the Pledgor, or any persons authorized by the Pledgor, or any other persons. 

  

	 	7.3	The Pledgor warrants to the Pledgee that, in order to protect or improve the security for the repayment of the Secured Liabilities herein, he will honestly execute and
procure other parties who have an interest in the pledge right to execute all title certificates and contracts required by the Pledgee, and/or perform and procure other interested parties to perform all acts required by the Pledgee, and facilitate
the exercise of any rights and authorizations conferred to the Pledgee by this Agreement. The Pledgor will execute all documents in relation to the change of share certificates with the Pledgee or any natural persons or legal persons designated by
it, and will provide the Pledgee with all notices, orders and decisions in relation to the pledge right which it thinks necessary within a reasonable time. The Pledgor warrants to the Pledgee that he will, for the interest of the Pledgee, observe
and perform all warranties, undertakings, agreements, representations, and conditions. If the Pledgor does not perform or fully perform his warranties, undertakings, agreements, representations and conditions, he will indemnify the Pledgee all
losses suffered by it arising therefrom. 

	8.	Event of Default 

  

	 	8.1	The following events shall be deemed as Events of Default: 

  

	 	8.1.1	the Pledgor fails to perform any of their obligations under the Master Liability Agreements in a timely and sufficient manner, or fail to fully perform any Secured
Liabilities as scheduled; 

  

	 	8.1.2	any declaration or warranty made by the Pledgor in Article 6 hereof contains false, fraudulent, or misleading representations or errors; 

 

	 	8.1.3	the Pledgor violates any undertaking set forth in Article 7 hereof; 

  

	 	8.1.4	the Pledgor refuses to complete or willfully delays in completing any of the formalities in relation to the registration and filing of the pledge hereunder, and fails
to make rectification in a timely manner within 10 days after the Pledgee makes written request; 

  

	 	8.1.5	the Pledgor violates any other provision of this Agreement; 

  

	 	8.1.6	any external loan, guarantee, compensation, undertaking or other debt liability of the Pledgor (1) is required to be repaid or performed prior to the scheduled
date due to any breach; or (2) has been due but cannot be repaid or performed as scheduled, which in the reasonable opinion of the Pledgee, would have adversely affected the ability of the Pledgor in performing his obligations hereunder in
substantive aspects; 

  

	 	8.1.7	this Agreement becomes invalid, revocable and unenforceable due to the promulgation of the relevant laws and regulations and the fault of the Pledgor (including
omission to act), or the Pledgor cannot continue to perform the obligations hereunder in a timely and sufficient manner; 

  

	 	8.1.8	due to the fault of the Pledgor (including omission to act), all consents, permits, approvals, registration or authorization from or with the government departments
that are necessary for this Agreement to be able to be implemented or become lawful or effective have been withdrawn, suspended, lapsed or adversely amended in substantive aspects; 

	 	8.1.9	there has been any materially adverse change in the properties of the Pledgor, which, in the reasonable opinion of the Pledgee, would have adversely affected the
ability of the Pledgor in performing his obligations hereunder in substantive aspects; 

  

	 	8.1.10	the successor or managing agent of the Pledgor can only perform part of, or refuse to perform, the payment liability under the Master Liability Agreements;

  

	 	8.1.11	the Pledgor violates any other provision of this Agreement through any act or omission to act; 

 

	 	8.1.12	other circumstances where the Pledgee cannot exercise the right to dispose of pledge right according to the relevant laws and due to the fault of the Pledgor (including
omission to act). 

  

	 	8.2	If the Pledgor is aware or discover that any event described in this Article 8.1 or any event which may possibly result in the aforesaid events has happened, he shall
immediately notify the Pledgee in writing. 

  

	 	8.3	Unless the Pledgor takes any measure that is to the satisfaction of the Pledgee to rectify the events of default listed in this Article 8.1, the Pledgee may serve
a written notice for the exercise of pledge right to the Pledgor at any time when the Pledgor is in default or thereafter, and require the Pledgor to dispose of the Pledged Equity pursuant to the requirements of this Agreement.

  

	 	8.4	The requirements of default in this Article shall not affect any exercises by the parties of their right to other remedies available under the laws and regulations of
China currently in force. 

  

	9.	Exercise of the Pledge Right 

  

	 	9.1	Subject to the limitations set forth in Article 8.3 hereof, the Pledgee shall be entitled to exercise the right to dispose of the Pledged Equity at the same time as it
issues a written notice for the exercise of pledge right or any time thereafter. 

  

	 	9.2	The Pledgee shall have the right to dispose of all or part of the Pledged Equity hereunder according to statutory procedures (including, without limitations, the
conversion of any money from the Pledged Equity pursuant to this Agreement, or the sale of the Pledged Equity through auction or realization of the Pledged Equity), and shall have the right of priority to claim any proceeds from the disposal until
all Secured Liabilities are repaid. 

  

	 	9.3	When the Pledgee disposes of the Pledge Equity in accordance with this Agreement, the Pledgor shall not impose any obstacles, and shall offer necessary assistance in
this regard so that the Pledgee can realize its pledge right. 

	10.	Assignment 

  

	 	10.1	Unless with the prior consent of the Pledgee, the Pledgor shall not transfer all or part of his rights and/or obligations hereunder to any third parties.

  

	 	10.2.	This Agreement shall be binding upon the Pledgor and his successors, and shall be valid and binding upon the Pledgee and each of its successors or assigns.

  

	 	10.3	The Pledgee may, at any time, transfer all or part of its rights and/or obligations under the Master Liability Agreements to any natural persons or legal persons
designated by it, in which case, the assign shall be entitled to and undertake all rights and obligations of the Pledgee hereunder, and the Pledgor shall not raise any objections in respect thereof. 

 

	 	10.4	A new pledge agreement in the form of this Agreement shall be signed between the new parties to the pledge after the pledgee has changed as a result of the transfer.

  

	11.	Termination 

 This
Agreement shall be terminated after all Secured Liabilities have been fully repaid and the Pledgor no longer has to undertake any obligations under the Master Liability Agreements. In this case, the Pledgee shall, within the earliest reasonable and
practicable time, cancel the registration of the pledge hereunder. 
  

	12.	Handling Fees and Other Costs 

  

	 	12.1	All costs in connection with this Agreement, including, without limitations, legal fees, costs of production, stamp duties and any other taxes and charges, shall be
borne by the Pledgor and the Pledgee, respectively, in accordance with the laws and regulations of China. Any cost that is not stipulated by laws and regulations shall be borne by the Pledgor. 

 

	 	12.2	If the Pledgor fails to pay any taxes or charges payable in accordance with this Agreement or the Pledgee has the right to take all possible remedial measures alone due
to any other reasons, all costs arising therefrom (including, without limitations, all taxes, handling fees, management fees, litigation costs, attorney’s fees and various insurance premiums in connection with the handling of the pledge right)
shall be borne by the Pledgor. 

  

	13.	Force Majeure 

  

	 	13.1	An “Event of Force Majeure” means any event that is beyond the reasonable control of a party and that is unavoidable even though the party so affected gives
reasonable attention to it, including but not limited to acts of government, fire, explosions, geographical changes, typhoons, floods, earthquakes, tidal, lightning or wars. However, the shortage of credit, capital or financing shall not be deemed
as force majeure. Any party affected by the Event of Force Majeure who seeks to excuse the obligations under this Agreement or any provisions hereof shall promptly notify the other party advising of the excuse and the steps it will take to complete
such performance. 

	 	13.2	When the performance of this Agreement is delayed or prevented due to the “Event of Force Majeure” defined above, the party so affected shall not be required
to assume any liabilities hereunder, provided that it makes all reasonable and practicable effort to perform this Agreement or to minimize the impact of force majeure and to the extent that it is within the scope of the delay or prevention. Once the
causes of such excuses are cured and remedied, the parties agree to resume the performance of this Agreement with their greatest efforts. 

  

	14.	Dispute Resolution 

  

	 	14.1	This Agreement shall be governed by and construed in accordance with the laws of China. 

 

	 	14.2	The parties shall resolve any disputes arising out of or in connection with the interpretation and performance of this Agreement through friendly consultation. If,
however, the parties fail to resolve such disputes, any party may submit the Dispute to China International Economic and Trade Arbitration Commission, South China Sub-Commission, for arbitration. The seat of arbitration shall be Shenzhen. The
arbitration shall be conducted in Chinese. The arbitral award shall be final and binding upon the parties. 

  

	15.	Notice 

 All notices or
other communications required to be given by a party pursuant to this Agreement shall be made in Chinese, and shall be deemed to have been duly served if delivered by hand, or sent by registered mail or prepaid mail, recognized courier services, or
facsimile transmission to the party concerned or both parties at the following correspondence addresses. 
 Pledgee: Changsha
Little New Star Animation Digital Technology Co., Ltd. 
 Address: 3/F, Block 5, Xiangshu Yuan, 8 Lu gu Lu Tian, Gao Xin Kai Fa
District, Changsha 
 Fax Number: 0731-82682660 
 Telephone Number: 0731-85554706 
 Pledgor A: Dong Xu 

Address: A4-4A Cuihai Huayuan, Qiaoxiang Road, Futian District, Shenzhen 

Telephone Number: 755-83432801 
  

	16.	Modification, Discharge and Interpretation of this Agreement 

  

	 	16.1	This Agreement may be amended, supplemented or discharged after a written consent is given by the parties and all necessary authorizations and approvals are obtained by
the parties, respectively; the exhibits or appendices of this Agreement and any amendments and supplements thereto shall be an integral part of this Agreement. 

	 	16.2	The validity of any provision of this Agreement shall be independent from each other. The invalidity of any particular provision shall not affect the validity of the
other provisions hereof. 

  

	17.	Effectiveness and Miscellaneous 

  

	 	17.1	This Agreement is signed and shall become effective as of the day first written above. 

 

	 	17.2	This Agreement is executed in Chinese in 3 originals. Each of the signing parties shall keep one original, and the remaining original shall be submitted for
registration and filing. 

 IN WITNESS WHEREOF, each of the parties hereto have caused this Agreement to be duly executed by their
respective duly authorized signatories on the day first above written. 

 (This is the signature page and does not contain texts.) 

Pledgor: Dong Xu 
 By: /s/ Dong
Xu                         
 Pledgee: Changsha Little New Star Animation Digital Technology Co., Ltd. (Chop) 
 [Chop of
Changsha Little New Star Animation Digital Technology Co., Ltd. is affixed] 
 Legal Representative (Authorized Representative): /s/
Benguo Tang                         

 Exhibit 1: 
 Content Services Agreement 
 Software Development and Maintenance Agreement 

Exclusive Technical Support and Consulting Services AgreementEnglish Translation of Call Option Agreement, dated June 8, 2011

 Exhibit 4.28 
 English Translation 
 CALL OPTION AGREEMENT 

THIS CALL OPTION AGREEMENT (“this Agreement”) is entered into by the parties below in Changsha on and as of June 8, 2011:

 BY AND AMONG: 
 Party A:
Changsha Little New Star Animation Digital Technology Co., Ltd. 
 Address: 3/F, Block 5, Xiangshu Yuan, 8 Lu Gu Lu Tian Road, Gao Xin
Kai Fa District, Changsha 
 Party B: Dong Xu 
 ID Card No.: 110108196611048978 
 Address: A4-4A Cuihai Garden, Qiaoxiang Road,
Futian District, Shenzhen 
 WHEREAS: 
  

	1.	Changsha Leisen Education Software Co., Ltd. (“Leisen Education”) is a limited liability duly incorporated under Chinese laws, and its registered
address is: Changsha Technology Chengguo Zhuanhua Base, 2 Lu Gu Lu Jing Road, Gao Xin Kai Fa District, Changsha; 

  

	2.	As of the execution date of this Agreement, Party B hold 100% equity interest in Leisen Education (“Target Equity”); 

 

	3.	Party B intends to grant to Party A an option so that Party A or any third parties designated by it can purchase all equity interest held by Party B in Leisen Education
to the extent permitted by Chinese laws and at such a time as Party A deems appropriate (“Call Option”). 

NOW, THEREFORE, through friendly negotiations, all the parties (the “Parties”) hereby agree as follows: 

 

	1.	Grant of the Call Option 

Party B hereby irrevocably grants to Party A the following rights: 

 

	 	1.1	Within 10 years after this Agreement becomes effective (“Exercise Term”), to the extent permitted by Chinese laws and regulations then in effect, Party A or
any third parties designated by it shall have the option to purchase all or part of the Target Equity held by Party B in Leisen Education at the Exercise Price or a percentage thereof at any time according to the terms and conditions of this
Agreement. Party B agree to sign the equity transfer agreement with Party A or any third parties designated by it in the format listed in Annex 1 attached hereto (the “Equity Transfer Agreement”). 

 

	 	1.2	At any time during the Exercise Term, to the extent permitted by Chinese laws and regulations then in effect, Party A shall be entitled to request Party B to transfer
all or part of the Target Equity at the Exercise Price to Party A or any third parties designated by it. 

	 	1.3	Within the Exercise Term, Party A or any third parties designated by it shall be entitled to exercise the Call Option under this Agreement in any number of times until
all the Target Equity is transferred to Party A or any third party designated by it. 

  

	 	1.4	Subject to laws and after Party A gives an exercise notice (as set forth in Article 4.1 below), Party B shall unconditionally assist in performing the above procedures,
transfer all or part of the Target Equity to Party A or any third party designated by it, and help Party A handle the examination & approval, permit, registration, filing and other procedures necessary for such equity transfer.

  

	 	1.5	Within the Exercise Term, in the event that the possession by Party B of the Target Equity will violate laws and administrative regulations, Party B shall promptly give
a written notice to Party A, explaining specific reasons. In this case, Party A will: (1) forthwith exercise the option according to Article 4.1; or (2) designate a suitable third party to purchase all or part of the Target Equity held by
Party B at the Exercise Price. 

  

	2.	Consideration of Call Option 

 The consideration of the Call Option under this Agreement is RMB10,000. 
  

	3.	Exercise 

  

	 	3.1	Within the Exercise Term, to the extent permitted by Chinese laws and regulations then in effect, Party A may give an exercise notice (the “Exercise
Notice”) to Party B, requesting to exercise its Call Option under this Agreement, purchase all or part of the Target Equity held by Party B, or transfer the Target Equity to a third party designated by Party A 

 

	 	3.2	Once Party B receives the Exercise Notice given by Party A according to Article 4.1, Party B shall forthwith: 

 

	 	3.2.1	Sign the Equity Transfer Agreement with Party A and/or any third party designated by Party A pursuant to the requirements of the Exercise Notice and the format in Annex
1 attached hereto; 

  

	 	3.2.2	Amend the articles of association of Leisen Education with Party A and/or any third parties designated by Party A according to the provisions of the Equity Transfer
Agreement; 

  

	 	3.2.3	Cause the shareholder meeting of Leisen Education to approve the resolutions on the equity transfer under such exercise and cause the amendment of the articles of
association of Leisen Education; 

	 	3.2.4	Together with Party A and/or any third parties designated by Party A, cause Leisen Education to submit the Equity Transfer Agreement and the amendment of the articles
of association of Leisen Education to relevant examination and approval authorities, and assist in obtaining necessary approval; 

  

	 	3.2.5	Together with Party A and/or any third parties designated by Party A, cause and assist Leisen Education to handle registration procedures regarding relevant changes
with its registration authorities; and 

  

	 	3.2.6	Handle all other matters necessary to complete this equity transfer. 

  

	4.	Exercise Price 

 The
Parties agree that except as otherwise required by applicable laws, the price of the purchase by Party A of all the Target Equity is RMB2,788,727.39 (the “Exercise Price”). If Party A only purchases part of the Target Equity, the
price is determined on a pro-rata basis. 
  

	5.	Termination of Leisen Education 

 Party B further undertakes that they will not take any actions that may result in the termination of Leisen Education within the Exercise Term owing to its bankruptcy, dissolution, or closedown based on
the law. 
  

	6	Representations and Warranties by Party B 

 Party B represents and warrants to Party A that from the effective date of this Agreement through the date of completion of transfer of all the Target Equity to Party A: 

 

	 	6.1	Party B legally holds the Target Equity. 

  

	 	6.2	Party B has fully performed the obligations under the articles of association of Leisen Education and is free of any situations that may affect its legal status as the
shareholder of Leisen Education or any situations that may affect the exercise by Party A of the Call Option under this Agreement. 

  

	 	6.3	Except for the equity pledge consented to by Party A, any Target Equity held by Party B is free and clear of any form of security interest or any sequestrations, or any
disputes, lawsuits, arbitrations or any other administrative or judicial enforcement arrangements regarding such equity, and nobody may make any claims against such equity. 

 

	 	6.4	Party B has disclosed to Party A any and all data or information that may have an adverse material effect upon the ability of Party B in performing the obligations
under this Agreement or upon Party A’s intention of signing this Agreement. 

 In addition, all representations and warranties made to Party A under the Loan Agreement
executed by all the parties on June 8, 2011 are incorporated herein. 
  

	7	Further Undertakings by Party B 

 Party B undertakes to Party A that: 
  

	 	7.1	Within the term of this Agreement, they will take all necessary actions to ensure that Leisen Education can timely obtain all business licenses and that all business
licenses remain in force at any time. 

  

	 	7.2	Within the term of this Agreement, without Party A’s prior written consent: 

 

	 	7.2.1	Party B shall not transfer or otherwise dispose of any Target Equity or set any security interest or other third-party right on any Target Equity;

  

	 	7.2.2	Party B shall not approve the increase or decrease of the registered capital of Leisen Education or its existing shareholders; 

 

	 	7.2.3	Party B shall not dispose of or cause the management of Leisen Education to dispose of any assets of Leisen Education (except those occurring in the normal course of
business); 

  

	 	7.2.4	Party B shall not terminate or cause the management of Leisen Education to terminate any significant agreements signed by Leisen Education (significant agreements are
to be defined by Party A) or sign any other agreements conflictive with existing significant agreements; 

  

	 	7.2.5	Party B shall not appoint or remove any of Leisen Education’s executive director or director (if any), supervisor or, other management personnel appointable and
removable by existing shareholders; 

  

	 	7.2.6	Except as compulsorily required by law, without Party A’s consent, Party B shall not distribute or actually pay any distributable profits, bonuses or dividends of
Leisen Education; 

  

	 	7.2.7	Except as compulsorily required by law, Party B shall not approve the amendment of the articles of association of Leisen Education. 

 

	8	Confidentiality 

 Each
party hereto shall keep the contents of this Agreement confidential and, without the prior consent of the other party, shall not disclose to any other person or comment on the contents of this Agreement, provided, however, that this obligation does
not apply to any information which is: 
  

	 	(1)	disclosed under requirement of relevant laws or stock exchange’s regulations; 

 

	 	(2)	already publicly available other than through the recipient’s breach; 

	 	(3)	disclosed to recipient’s shareholder, accountant, financial consultant, legal adviser, or other professional consultant; 

 

	 	(4)	disclosed to the potential buyer of recipient or its equity/assets, other investors, or debt or equity financier, which shall make the appropriate confidentiality
commitments (also subject to Party A’s consent if transferor is not Party A). 

  

	9	Defaulting Liabilities 

  

	 	9.1	Any of the following matters is deemed as a breach of this Agreement by Party B: 

 

	 	9.1.1	Party B violates any provision of this Agreement, or any representation or warranty made by Party B under this Agreement is seriously erroneous, untrue and incorrect.

  

	 	9.1.2	Without Party A’s prior written consent, Party B transfers or otherwise assigns or pledges any of its rights under this Agreement. 

 

	 	9.2	In case of any breach or other event by Party B, in addition to the remedies under the laws, Party A may also: 

 

	 	9.2.1	In case of any breach or other event by Party B, in addition to the remedies under the laws, Party A may also: 

 

	 	9.2.2	Immediately take back the borrowing under the Loan Agreement executed with Party B; 

 

	 	9.2.3	Request Party B to compensate all direct and indirect losses, including, but not limited to, fruit arising from the Target Equity as well as all lawyer’s fee,
travelling expenses, investigation expenses and other expenses paid for enforcement or seeking remedies). 

  

	10	Termination 

  

	 	10.1	At any time within the Exercise Term, Party A may, at its own discretion, give a written notice to Party B to unconditionally terminate this Agreement without
undertaking any responsibilities. 

  

	 	10.2	At any time within the Exercise Term, Party B shall not terminate this Agreement unilaterally. 

 

	11	Applicable Law and Dispute Resolution 

  

	 	11.1	The formation, validity, interpretation and performance, and settlement of disputes in connection with this Agreement shall be governed by Chinese laws.

  

	 	11.2	Any Dispute arising from or out of the performance of or in connection with this Agreement shall be resolved by the Parties through amicable negotiations. In case no
resolution can be reached by the Parties through negotiations within sixty (60) days after either party gives a written notice about such dispute to the other party, either party may refer such dispute to China International Economic and Trade
Arbitration Commission (“CIETAC”), South China Sub-Commission, for arbitration in Shenzhen in accordance with CIETAC’s arbitration rules then in effect. The arbitral award shall be final and binding upon the Parties.

	12	Miscellaneous 

  

	 	12.1	The annex attached hereto forms an integral part of this Agreement and has the same legal force as this Agreement. 

 

	 	12.2	Anything not covered herein may be resolved by the Parties by signing a supplementary agreement, which shall be deemed as an integral part of this Agreement.

  

	 	12.3	Neither party shall amend or modify this Agreement without the consent of the other party. This Agreement may not be amended or modified except by a written instrument
signed by the Parties after negotiations. 

  

	 	12.4	No failure or delay on the part of Party A to exercise any right or remedy under this Agreement shall be construed as a waiver thereof or preclude Party A from
exercising such right or remedy at any time in accordance with this Agreement and/or laws and regulations. 

  

	 	12.5	The invalidity of any provision of this Agreement shall not affect the validity of the remainder of this Agreement. 

 

	 	12.6	Party A may, at any time, transfer all or part of its rights under this Agreement to any third parties without requiring the consent of Party B; without Party A’s
consent, Party B shall not transfer any of their rights and obligations under this Agreement. It shall be guaranteed that following the transfer of the rights under this Agreement, Party A and transferee still perform the relevant obligations under
this arrangement. 

  

	13	Counterparts and Effectiveness 

  

	 	13.1	This Agreement is executed in two (2) originals, with one (1) to be held by each of the Parties. All originals shall have the same legal effect.

  

	 	13.2	This Agreement shall become effective after it is signed by the Parties or their authorized representatives. Notwithstanding anything to the contrary herein, neither
party shall cancel this Agreement, revoke this Agreement or prematurely terminate this Agreement by alleging that this Agreement or any provision thereof is manifestly unfair or violates fairness principle, industry practice, or market price or
otherwise. 

 (The remainder of this page is intentionally left blank.) 

 IN WITNESS WHEREOF, the Parties or their duly authorized representatives have executed this Agreement in
Changsha as of the date first above written. 
 Party A: Changsha Little New Star Animation Digital Technology Co., Ltd. (Chop) 

[Chop of Changsha Little New Star Animation Digital Technology Co., Ltd. is affixed] 

 

			
	Signature:	 	/s/ Benguo
Tang                        
	Name:	 	
	Title:	 	
	
	Party B:  Dong Xu
	
	/s/
Dong Xu                        

 Exhibit 1: EQUITY TRANSFER AGREEMENT 
 THIS EQUITY TRANSFER AGREEMENT (“this Agreement”) is entered into by the two parties below in              on and as of
            : 
  

			
	 (1)
	  	(the “Transferor”)
		
	 (2)
	  	(the “Transferee”)

 WHEREAS: 
  

	1.	Transferor holds [    ]% equity of Changsha Leisen Education Software Co., Ltd. (“Leisen Education”); and 

 

	2.	Transferor agrees to transfer its [    ]% equity in Leisen Education to Transferee, and Transferee agrees to purchase such equity.

 NOW, THEREFORE, through friendly negotiations, both parties hereby enter into this Agreement with respect to the equity
transfer hereof: 
 Article 1   Equity Transfer and its Completion 

 

	 	1.1	Both parties agree that Transferor transfers its [    ]% equity in Leisen Education to Transferee subject to the terms and conditions of this
Agreement. Party B agrees to purchase the equity transferred by Party A. 

  

	 	1.2	The closing date of the equity transfer above is the date when the industrial and commercial change registration of Leisen Education is completed. As from equity
closing date, the [    ]% equity held by Transferor in Leisen Education is transferred to Transferee, and Transferee enjoys the rights of the shareholder of Leisen Education and undertakes the obligations of shareholder on the
basis of its 100% equity. 

 Article 2   Transfer Price 

 

	 	2.1	Both parties agree that equity transfer price is RMB [            ] and shall be paid within
     days after the signing of this Agreement. 

 Article 3   Taxes and Fees

 Each party shall bear all the applicable taxes, expenses, and costs (including the reasonable expenses and costs in connection with its
lawyers, accountants and other experts) arising from its negotiation, preparation, and execution of this Agreement and the obtaining of all approvals necessary for this Agreement. 

 Article 4   Dispute Resolution 

Any dispute arising in connection with this Agreement shall be resolved by Transferor and Transferee through amicable negotiations. In case no resolution
can be reached within thirty (30) days after negotiations start, either party may refer such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”), South China Sub-Commission, for arbitration in Shenzhen
in accordance with CIETAC’s arbitration rules then in effect. The arbitral award shall be final and binding upon both parties. 

Article 5   Miscellaneous 

This Agreement is executed in Chinese in [six] copies, with two copies to be held by each of Transferor and Transferee, one copy to be submitted to the
original industrial and commercial registration authorities of Leisen Education for recording and one copy to be submitted to notary public office for notarization (if needed). All copies shall have the same legal effect. 

 

			
	 Authorized Representative of the Transferor

(Signature):
	  	 Authorized Representative of the Transferee
 (Signature):

		
	 Name:
	  	Name:

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