Document:

EX-10.12

 Exhibit 10.12 

Exclusive Management Services and Business Cooperation Agreement 

Exclusive Management Services and Business Cooperation Agreement 

This Exclusive Management Services and Business Cooperation Agreement (the “Agreement”) is entered into on May 7, 2020
by and between the following parties: 
  

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

  

	(2)	 Beijing Yiqi Education Information Consultation Co., Ltd. (“Party B”), a limited
liability company incorporated subject to the PRC laws. 

  

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

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

	1.	 Provision of Services: 

 

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

 

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

  

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

 

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

	2.	 Service Costs and Payment 

 

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

 

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

 

	3.	 Intellectual Property Rights 

 

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

  

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

  

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

  

	4.	 Representations and Warranties 

 

	4.1	 Party A hereby represents and warrants below: 

 

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

  

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

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

  

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

  

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

 

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

 

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

  

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

  

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

  

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

  

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

  

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

  

	 	(b)	 During the service term: 

 

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

  

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

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

  

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

 

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

  

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

  

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

  

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

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

  

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

  

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

 

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

 

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

  

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

  

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

  

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

  

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

  

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

 

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

 

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

 

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

  

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

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

 

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

 Exclusive Management Services and Business Cooperation Agreement 

 

	5.	 Confidentiality 

 

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

 

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

  

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

 

	6.	 Breach of Contract Liability 

 

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

  

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

  

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

 

	7.	 Validity, Term and Termination 

 

	7.1	 This Agreement shall be executed and enter into force on the date first written above. 

 

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

  

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

	8.	 Governing Law and Dispute Settlement 

 

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

  

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

  

	9.	 Notice 

  

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

 

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

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

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

Recipient: Chang Liu 
 Telephone:
[***] 
  

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

  

	10.	 Transfer and Change of Parties to This Agreement 

 

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

  

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

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

  

	11.	 Severability 

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

	12.	 Entire Agreement 

This Agreement and all agreements and/or documents expressly mentioned or incorporated herein shall constitute the entire agreement regarding
the subject matters herein, and shall supersede all oral agreements, contracts, understandings and communications previously entered into by and among the Parties regarding the subject matters herein. 

 

	13.	 Amendment or Modification 

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

	14.	 Waiver 

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

	15.	 Counterparts 

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

	16.	 Miscellaneous 

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

[The following is the signature page(s)] 

 Exclusive Management Services and Business Cooperation Agreement 

 

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

 

	
	Beijing Yiqi Education & Technology Co., Ltd.
	  
 Authorized Representative:

	
	By: /s/ Chang
Liu                                         
   
	Seal: (Public Seal) /s/ Beijing Yiqi Education & Technology Co., Ltd.
	
	Beijing Yiqi Education Information Consultation Co., Ltd.
	
	Authorized Representative:
	
	By: /s/ Chang
Liu                                         
   
	Seal: (Public Seal) /s/ Beijing Yiqi Education Information Consultation Co., Ltd.
	
	Shang Li Qi Di Education Technology (Tianjin) Co., Ltd.
	Authorized Representative:
	
	By: /s/ Xuhong
Liu                                         
       
	Seal: (Public Seal) /s/ Shang Li Qi Di Education Technology (Tianjin) Co.,Ltd.
	
	Qi Mai Information Technology (Shanghai) Co., Ltd.
	Authorized Representative:
	
	By: /s/ Dun
Xiao                                         
           
	Seal: (Public Seal) /s/ Qi Mai Information Technology (Shanghai) Co.,Ltd.

 Exclusive Management Services and Business Cooperation Agreement 

 

 Annex 1 

Party B’s Subsidiaries 
  

	1.	 Shang Li Qi Di Education Technology (Tianjin) Co., Ltd.; and 

 

	2.	 Qi Mai Information Technology (Shanghai) Co., Ltd. 

 Exclusive Management Services and Business Cooperation Agreement 

 

 Annex 2 

Contents of the Services 
  

	1.	 Contents of the Services 

 

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

 

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

 

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

  

	1.4	 Provision of opinions and suggestions regarding mergers and acquisitions. 

 

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

  

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

  

	 	(a)	 the technical development of new business; 

 

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

 

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

 

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

  

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

  

	1.8	 Provision of services regarding public relations. 

 

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

 

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

  

	1.11	 Provision of human resources management and internal information management. 

 

	1.12	 Provision of network development, upgrade and routine maintenance. 

 

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

  

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

 Exclusive Management Services and Business Cooperation Agreement 

 

 Annex 3 

Calculation and Payment of the Service Costs 
  

	1.	 Calculation and Payment of the Service Costs 

 

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

  

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

  

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

 

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

  

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

  

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

  

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

 

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

 

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

 

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

 

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

 Exclusive Management Services and Business Cooperation Agreement 

 

 Annex 4 

Rights and Obligations Assumption Letter 

Our Entity, [    ], is a subsidiary incorporated by Beijing Yiqi Education Information Consultation Co., Ltd.
(hereinafter, the “Yiqi Education Information Consultation”) through registration at [    ] on [        ,     ]; and Yiqi Education Information
Consultation holds [    ] of the equity/interests of our Entity. 
 Subject to the Exclusive Management Services and
Business Cooperation Agreement (hereinafter, the “Agreement”) entered into by and among Yiqi Education Information Consultation, Beijing Yiqi Education & Technology Co., Ltd. and all other parties on
[        ,     ], our Entity acts as a Newly Added Party B’s Subsidiary under that Agreement and shall join that Agreement pursuant to the provisions of Section 10.4. 

Our Entity hereby agree to join that Agreement as a Newly Added Party B’s Subsidiary of Yiqi Education Information Consultation, to have
the rights under that Agreement and to perform all of our Entity’s obligations under that Agreement, effective as of the execution of this Assumption Letter. 

[                ] (Seal) 

Statutory Representative (Signature):
                                 

Date:EX-10.13

 Exhibit 10.13 

EXCLUSIVE CALL OPTION AGREEMENT 

EXCLUSIVE CALL OPTION AGREEMENT 

This Exclusive Call Option Agreement (the “Agreement”) is entered into on September 8, 2020 by and among the following
parties as the amendment and restatement of the Exclusive Purchase Option Agreement entered into on May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd. ,
Chang Liu and Dun Xiao: 
  

	(1)	 Beijing Yiqi Education & Technology Co., Ltd. (“WFOE”), a wholly
foreign owned enterprise incorporated subject to the laws of the People’s Republic of China (“PRC”); 

  

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

 

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

 

	(4)	 Beijing Yiqi Education Information Consultation Co., Ltd. (the “Company”), a limited
liability company incorporated subject to the PRC laws. 

 (the entities of the above (2) and (3) hereinafter
collectively referred to as the “Existing Shareholders”; and each of the above WFOE, the Existing shareholders and the Company hereinafter individually referred to as a “Party”, and collectively the
“Parties”.) 
 RECITALS 
  

	(A)	 WHEREAS, the Existing Shareholders hold 100% equity of the Company. 

 

	(B)	 WHEREAS, the Parties, after their amicable negotiations, wish to enter into this Agreement regarding the
purchase by the WFOE or a third entity nominated by the WFOE of certain equity of the Company held by the Existing Shareholders. 

AND THEREFORE, the terms and conditions are made below by the Parties: 

AGREEMENT 
  

	1.	 Target Equity 

 

	1.1	 The Existing Shareholders agree, and hereby grant irrevocably and without any additional conditions, the WFOE
an option to require, under any of the following circumstances, the Existing Shareholders to transfer to the WFOE or a third entity nominated by the WFOE (the “Nominated Entity”) part or all (subject to the WFOE’s specific
requirements) of the equity of the Company held by the Existing Shareholders (the “Target Equity”) (the “Equity Purchase Option”): 

 

	 	1.1.1	 the WFOE and/or the Nominated Entity is permitted to lawfully own all or part of the Target Equity subject to
PRC laws and administrative regulations. 

  

	 	1.1.2	 Subject to permission by PRC laws and regulations, any other circumstances as the WFOE deems, at its sole
discretion, to be appropriate or necessary. 

  

	1.2	 The Company hereby agrees the Existing Shareholders to grant to the WFOE the Equity Purchase Option.

  
 1 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	1.3	 The WFOE shall have the right to exercise at any time all or part of its Equity Purchase Option to obtain all
or part of the Target Equity, without any limitation on how many times the option will be exercised. 

  

	1.4	 The WFOE shall have the right to nominate any third entity to obtain part or all of the Target Equity, which
shall not be refused by the Existing Shareholders who shall transfer to the Nominated Entity part or all of the Target Equity as required by the WFOE. 

  

	1.5	 Prior to transfer of the Target Equity to the WFOE or the Nominated Entity subject to this Agreement, and
without the WFOE’s prior written consent, the Existing Shareholders shall not transfer the Target Equity, or pledge, hypothecate or otherwise encumber any of the Target Equity except as set forth in the Equity Interest Pledge Agreement (defined
in Section 3.5) separately entered into by and among the Parties. 

  

	2.	 Target Assets 

 

	2.1	 The Company hereby agrees, and hereby grants irrevocably and without any additional conditions, the WFOE an
option to require, under any of the following circumstances, the Company to transfer to the WFOE or the Nominated Entity part or all (subject to the WFOE’s specific requirements) of the equity of the Company held by the Company (the
“Target Assets”) (the “Assets Purchase Option”): 

  

	 	2.1.1	 the WFOE and/or the Nominated Entity is permitted to lawfully own all or part of the Target Assets subject to
PRC laws and administrative regulations. 

  

	 	2.1.2	 Subject to permission by PRC laws and regulations, any other circumstances as the WFOE deems, at its sole
discretion, to be appropriate or necessary. 

  

	2.2	 The Existing Shareholders hereby agrees the Company to grant to the WFOE the Assets Purchase Option.

  

	2.3	 The WFOE shall have the right to exercise at any time all or part of its Assets Purchase Option to obtain all
or part of the Target Assets, without any limitation on how many times the option will be exercised. 

  

	2.4	 The WFOE shall have the right to nominate any third entity to obtain part or all of the Target Assets, which
shall not be refused by the Company or Existing Shareholders who shall transfer to the Nominated Entity part or all of the Target Assets as required by the WFOE. 

 

	2.5	 Prior to transfer of the Target Assets to the WFOE or the Nominated Entity subject to this Agreement, and
without the WFOE’s prior written consent, neither the Company nor the Existing Shareholders shall transfer the Target Assets, or pledge, hypothecate or otherwise encumber any of the Target Assets. 

 

	3.	 Procedures for Exercise of the Equity Purchase Option 

 

	3.1	 In case the WFOE decides to exercise the Equity Purchase Option pursuant to Section 1.1 above, the WFOE
shall send to the Company and the Existing Shareholders a written notice which shall state the proportion of the Target Equity to be transferred and the identity of the proposed transferee (the “Equity Purchase Notice”).

  

	3.2	 The Company and the Existing Shareholders shall, within thirty (30) days as of the date of the Equity
Purchase Notice and for the purpose of handling the registration of the said equity transfer, provide all necessary materials and documents and take all necessary action and measures, including but not limited to, convening the shareholders’
meetings or BOD meetings to pass such equity transfer and obtaining the written documents that the other shareholders agree to waive any preemptive right regarding equity transfer. 

  
 2 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	3.3	 Except the notice set forth in Section 3.1 above, no other prerequisite or incidental conditions or
procedures will be required regarding the exercise by the WFOE of the Equity Purchase Option. 

  

	3.4	 The Company and the Existing Shareholders shall, as per this Agreement and the Equity Purchase Notice, carry
out each of the transfer of the Target Equity, and cooperate to execute, and procure the then-currently other shareholders of the Company and the WFOE and/or each of the Nominated Entities (as the case may be) to execute, the Equity Transfer
Agreement with the format attached as Annex 1 hereto. However, in case there are different provisions for the contents or format of the equity transfer agreement under PRC laws, the provisions of the PRC laws shall prevail.

  

	3.5	 In case the WFOE decides to exercise the Equity Purchase Option pursuant to the provisions of Section 1.1
above, the corresponding parties shall execute all necessary contracts, agreements and documents, obtain all necessary governmental licenses and permits, and take all necessary action, transfer the effective ownership of the Target Equity to the
WFOE and/or the Nominated Entity without any limitation from encumbrance, and shall procure the WFOE and/or the Nominated Entity to be the registered owner of the Target Equity. The encumbrance under this Section and this Agreement shall include
security, pledge, third party rights or interests, stock options, purchase options, preemptive rights, set-off rights, title liens or other security arrangements, but shall exclude any encumbrance created by
this Agreement, the Equity Interest Pledge Agreement entered into by and among the Parties on September 8, 2020 (the “Equity Interest Pledge Agreement”), the Exclusive Management Services and Business Cooperation
Agreement entered into by and among the WFOE, the Company and other related parties on May 7, 2020 or the Proxy Agreement and Power of Attorney entered into by and among the Parties on September 8, 2020 (the “Proxy Agreement
and Power of Attorney”). 

  

	4.	 Procedures for Exercise of the Assets Purchase Option 

 

	4.1	 In case the WFOE decides to exercise the Assets Purchase Option pursuant to Section 2.1 above, the WFOE
shall send to the Company a written notice which shall state the information of the Target Assets to be transferred and the identity of the proposed transferee (the “Assets Purchase Notice”). 

 

	4.2	 The Company and the Existing Shareholders shall, within thirty (30) days as of the date of the Assets
Purchase Notice and for the purpose of handling the said Assets transfer and their transfer registration (if applicable), provide all necessary materials and documents and take all necessary action and measures, including but not limited to,
convening the shareholders’ meetings or BOD meetings to pass such Assets transfer. 

  

	4.3	 Except the notice set forth in Section 4.1 above, no other prerequisite or incidental conditions or
procedures will be required regarding the exercise by the WFOE of the Assets Purchase Option. 

  

	4.4	 The Company and the Existing Shareholders shall, as per this Agreement and the Assets Purchase Notice, carry
out each of the transfer of the Target Assets, and cooperate to execute, and procure the Company and the WFOE and/or each of the Nominated Entities (as the case may be) to execute, the Assets Transfer Agreement with the format attached as Annex
2 hereto. However, in case there are different provisions for the contents or format of the Assets transfer agreement under PRC laws, the provisions of the PRC laws shall prevail. 

  
 3 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	4.5	 The corresponding parties shall execute all necessary contracts, agreements and documents, obtain all necessary
governmental licenses and permits, and take all necessary action, transfer the effective ownership of the Target Assets to the WFOE and/or the Nominated Entity without any limitation from encumbrance, and shall procure the WFOE and/or the Nominated
Entity to be the registered owner of the Target Assets. 

  

	5.	 Transfer Price 

 

	5.1	 The aggregate transfer price of the Target Equity and/or the Target Assets shall be CNY one (1.00); or in case
there is any compulsory provisions for the transfer price under the PRC laws or administrative regulations upon transfer of the said Target Equity and/or the Target Assets, the transfer price shall be the lowest price permitted by the then currently
PRC laws or administrative regulations (the “Transfer Price”). In case the Target Equity and/or the Target Assets are transferred in batches, the amount of the corresponding transfer price shall be determined as per the proportion
of the transferred Target Equity and/or the Target Assets. 

  

	5.2	 In case the Target Equity and/or the Target Assets fail to be transferred as per the price of CNY one (1.00),
the Existing Shareholders and/or the Company agree that upon exercise by the WFOE and/or the Nominated Entity of the Equity Purchase Option or the Assets Purchase Option, all of the exercise price obtained by the Existing Shareholders and/or the
Company in connection therewith shall be, as required by the WFOE, gifted to the WFOE and/or the Nominated Entity timely and in full. 

  

	5.3	 Any and all taxes, costs and charges arising out of performance of the transfer of the Target Equity and/or the
Target Assets (including any price gift) shall be borne by the Company. 

  

	6.	 Undertakings 

  

	6.1	 The Company’s and the Existing Shareholders’ Undertakings 

The Existing Shareholders and the Company hereby individually and jointly undertake as below: 

 

	 	6.1.1	 Without the WFOE’s prior written consent, it will not amend, modify or supplement in any form the
Company’s memorandum of association or articles of association, increase or decrease the Company’s registered capital, change the structure of the Company’s registered capital through any other method, or take any action to divide or
dissolve the company or change the Company’s form. 

  

	 	6.1.2	 It shall prudently and effectively operate the Company’s business and handle the Company’s matters,
obtain and maintain all governmental licenses and permits necessitated for the Company to carry out business, and shall maintain the existence of the Company as per good financial and commercial standards and practices. 

 

	 	6.1.3	 Without the WFOE’s prior written consent, it will neither, through any method after the execution of this
Agreement, sell, transfer, pledge, hypothecate or otherwise dispose any of the Company’s assets (except for the assets disposal incurred during the routine operations) or any statutory or beneficial interests in the Company’s business or
revenue, nor permit creation of any encumbrance related thereto. 

  

	 	6.1.4	 Without the WFOE’s prior written consent, it will not incur, inherit, secure or assume any debt excluding
the debt incurred during the normal business operations. 

  
 4 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	 	6.1.5	 It shall, during the normal operations of all of the Company’s business, always maintain the
Company’s asset value, and shall not commit or omit to take any action that may adversely affect the Company’s business conditions or asset value. 

  

	 	6.1.6	 Without the WFOE’s prior written consent, it will not terminate any material agreement to which the
Company is a party or procure the Company to sign any material contract except as signed during the normal business operations. 

  

	 	6.1.7	 Without the WFOE’s prior written consent, it will not change the Company’s main business or business
operation scope. 

  

	 	6.1.8	 Without the WFOE’s prior written consent, it will not procure the Company to provide any loan or credit to
any person or business except as provided during the normal business operations. 

  

	 	6.1.9	 It shall, upon the WFOE’s request, provide the materials related to the Company’s business operations
and financial conditions. 

  

	 	6.1.10	 It shall, upon the WFOE’s request, effect and maintain the insurance for the Company’s assets and
business from an insurer to the WFOE’s satisfaction, with the insurance amount and coverage to be consistent with the amount and coverage as effected by the Company. 

 

	 	6.1.11	 Without the WFOE’s prior written consent, it will not procure or permit the Company to be merged into or
consolidated with any person or business or carry out acquisition or investment toward any person or business. 

  

	 	6.1.12	 It shall promptly notify the WFOE in the event there occurs or may occur any proceedings, arbitrations or
administrative procedures with respect to the Company’s assets, business or revenue. 

  

	 	6.1.13	 For the purpose of maintaining the Company’s ownership of all of its assets, it shall execute all
necessary or appropriate documents and take all necessary or appropriate action, file all necessary or appropriate complaints, or raise necessary and appropriate defense against all claims. 

 

	 	6.1.14	 Without the WFOE’s prior written consent, it shall procure that the Company will not, through any method,
distribute to the Existing Shareholders any dividends, interests, bonuses, assets or any distributable interests; or in case the Existing Shareholders receive any dividends, interests, bonuses, assets or any distributable interests in any form, the
Existing Shareholders shall, to the extent permitted by the PRC laws, waive collection of such dividends, interests, bonuses, assets or any distributable interests and shall promptly delivery gratuitously and in full to the WFOE and/or the Nominated
Entity all of such dividends, interests, bonuses, assets or any distributable interests. 

  

	 	6.1.15	 It shall, upon the WFOE’s request, appoint any persons nominated by the WFOE to serve as the
Company’s director(s) or executive director, supervisor(s) and/or senior executive(s). 

  

	 	6.1.16	 Unless compulsorily required by PRC laws, without the WFOE’s written consent, the Company shall not
dissolve or liquidate; or in case the Company suffers liquidation or dissolution during the effective term of this Agreement, to the extent permitted by the PRC laws, the Existing Shareholders and the Company will appoint the persons recommended by
the WFOE to compose the liquidation group and administrate the Company’s property; and the Existing Shareholders confirm that upon occurrence of liquidation or dissolution to the Company, notwithstanding the enforcement of the foregoing
provisions of this paragraph, they agree to delivery gratuitously to the WFOE and/or the Nominated Entity all of the remaining property obtained through liquidation subject to the PRC laws and regulations, under which circumstance the Existing
Shareholders shall not allege any claims with respect to the income distribution of the remaining property (except as alleged per the WFOE’s instructions). 

  
 5 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	 	6.1.17	 To the extent the applicable PRC laws and regulations permit, the Existing shareholders and the Company shall,
based on the WFOE’s approved operation term, then correspondingly extend the Company’s operation period, to be equal to the WFOE’s operation term, or as per the WFOE’s request, set or adjust the WFOE’s operation term subject
to the requirements under the PRC laws. 

  

	6.2	 Undertakings Related to the Company’s Equity 

The Existing Shareholders hereby undertake as below: 
  

	 	6.2.1	 Without the WFOE’s prior written consent, the Existing Shareholders will neither, through any method,
sell, transfer, pledge, hypothecate or otherwise dispose or any statutory or beneficial interests in the Target Equity, nor permit creation of any other encumbrance thereupon except for the pledge against the Target Equity per the Equity Interest
Pledge Agreement. 

  

	 	6.2.2	 Without the WFOE’s prior written consent, the Existing Shareholders shall procure the Company’s
currently existing shareholders’ meetings and/or BOD meetings and/or the executive director not to approve any sales, transfer, pledge, hypothecation or otherwise disposition of any statutory or beneficial interests in the Target Equity or any
creation of any encumbrance thereupon except for the pledge against the Target Equity per the Equity Interest Pledge Agreement. 

  

	 	6.2.3	 Without the WFOE’s prior written consent, the Existing Shareholders shall procure the Company’s
currently existing shareholders’ meetings and/or BOD meetings and/or the executive director not to approve the Company’s merger into or consolidation with any person or carrying out of acquisition or investment toward any person.

  

	 	6.2.4	 The Existing Shareholders shall promptly notify the WFOE in the event there occurs or may occur any
proceedings, arbitrations or administrative procedures with respect to the Target Equity. 

  

	 	6.2.5	 The Existing Shareholders shall, upon the WFOE’s request, procure timely and unconditionally the approval
and completion of the transfer of the Target Equity per the provisions of this Agreement. 

  

	 	6.2.6	 For the purpose of maintaining the Existing Shareholders’ ownership of the Company, the Existing
Shareholders shall execute all necessary or appropriate documents and take all necessary or appropriate action, file all necessary or appropriate complaints, or raise necessary and appropriate defense against all claims. 

 

	 	6.2.7	 The Existing Shareholders shall, upon the WFOE’s request, appoint any persons nominated by the WFOE to
serve as the Company’s director(s) or executive director, supervisor(s) and/or senior executive(s). 

  

	 	6.2.8	 The Existing Shareholders shall strictly comply with the provisions of this Agreement and other contracts
jointly or individually signed by and among the Existing Shareholders, the WFOE and/or the Company, perform the obligations thereunder, and shall not commit or omit to take any action that may adversely affect the validity or enforceability of the
said agreement and contracts. In case the Existing Shareholders has any rights to any equity under this Agreement, the Equity Interest Pledge Agreement or the Proxy Agreement and Power of Attorney, the Existing Shareholders shall not exercise such
rights except they act per the WFOE’s written instructions. 

  
 6 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	7.	 Representations and Warranties 

The Existing Shareholders and the Company hereby severally and jointly represent and warrant to the WFOE that as of the signing date of this
Agreement, each transfer date of the Target Equity and each transfer date of the Target Assets: 
  

	7.1	 It has the power and authority to sign this Agreement and the equity transfer agreements and/or assets transfer
agreements related to the transfer of the Target Equity and/or the Target Assets, and has the capability of performing the obligations under this Agreement and any of such equity transfer agreements and/or assets transfer agreements.

  

	7.2	 It has passed all necessary internal procedures for execution, delivery and performance of this Agreement and
has obtained all necessary internal and external authorizations and approvals. This Agreement and each of the equity transfer agreements and/or assets transfer agreements to which it is a party, upon being signed, shall or will constitute lawful,
valid and binding obligations and may be enforced pursuant to its terms. 

  

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

 

	7.4	 The Existing Shareholders have valid and sellable ownership of the Target Equity. The Existing Shareholders
have not encumber any of the Target Equity except as set forth in the Equity Interest Pledge Agreement. 

  

	7.5	 The Company has valid and sellable ownership of all of its assets, and has not encumber any of such assets
except for any encumbrance that has been disclosed to the WFOE and agreed by the WFOE in writing. 

  

	7.6	 The Company has no outstanding debts excluding (i) the debts incurred during the normal business
operations; and (ii) the debts that have been disclosed to the WFOE and agreed by the WFOE in writing. 

  

	7.7	 There are currently no pending or threatening proceedings, arbitrations or administrative procedures with
respect to the Target Equity or the Target Assets or with respect to the Company. 

  

	7.8	 The Company has complied with all PRC laws and regulations with respect to assets acquisition.

  
 7 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	8.	 Tax and Expenses 

The Company shall bear all transfer and registration tax, costs and expenses during the drafting and execution of this Agreement and the equity
transfer agreements and/or the assets transfer agreements and completion of the transactions contemplated under this Agreement and the equity transfer agreements and/or the assets transfer agreements. 

 

	9.	 Breach of Contract Liability 

 

	9.1	 In the event that any party fails to perform any of its obligations hereunder or that any of its
representations or warranties hereunder is essentially inaccurate or incorrect, such party shall be in default of this Agreement and shall compensate all losses suffered by the other parties. 

 

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

  

	10.	 Confidentiality 

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

	11.	 Transfer and Succession 

 

	11.1	 Without the WFOE’s prior written consent, neither the Company nor the Existing Shareholders may transfer
any of its or their rights or obligations hereunder to any third party. 

  

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

  

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

  

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

  
 8 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	12.	 Entire Agreement and Amendment 

 

	12.1	 This Agreement and all agreements and/or documents expressly mentioned or incorporated herein shall constitute
the entire agreement regarding the subject matters herein, and shall supersede all oral agreements, contracts, understandings and communications previously entered into by and among the Parties regarding the subject matters herein, including but not
limited to the Exclusive Purchase Option Agreement dated May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd. , Chang Liu and Dun Xiao which shall terminate on
September 8, 2020 and be superseded by this Agreement. 

  

	12.2	 Without the WFOE’s prior written consent, neither the Company nor the Existing Shareholders may amend,
modify or withdraw this Agreement. 

  

	12.3	 The annexes hereto shall form part of this Agreement and shall be of equal legal force with the other parts of
this Agreement. 

  

	13.	 Governing Law and Dispute Settlement 

 

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

  

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

  

	14.	 Effective Date and Term 

 

	14.1	 This Agreement shall be executed and enter into force on the date first written above, as the amendment and
restatement of the Exclusive Purchase Option Agreement entered into on May 7, 2020 by and among Beijing Yiqi Education & Technology Co., Ltd., Beijing Yiqi Education Information Consultation Co., Ltd. , Chang Liu and Dun Xiao, and the
Parties agree and confirm that the force of this Agreement shall be retroactive to September 8, 2020. 

  

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

  

	15.	 Termination 

Neither the Company nor the Existing Shareholders may terminate this Agreement. Notwithstanding the foregoing provisions, the WFOE shall have
the right to terminate this Agreement at its sole discretion by notifying the Company and the Existing Shareholders in writing ten (10) days in advance from time to time. 
  

	16.	 Notice 

  

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

  
 9 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

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

To the WFOE: 
 Address:
[***] 
 A Recipient: Chang Liu 

Telephone: [***] 
 To the
Existing Shareholders: 
 Address: [***] 

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

Address: [***] 
 Recipient: Chang
Liu 
 Telephone: [***] 
  

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

  

	17.	 Severability 

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

	18.	 Waiver 

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

	19.	 Counterparts 

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

	20.	 Miscellaneous 

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

[The following is the signature page(s)] 

  
 10 

 EXCLUSIVE CALL OPTION AGREEMENT 

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

	
	Beijing Yiqi Education & Technology Co., Ltd.
	Seal: (Public Seal) /s/ Beijing Yiqi Education & Technology Co., Ltd.
	
	By:   /s/ Chang
Liu                                        

	Authorized Representative: Chang Liu
	
	Beijing Yiqi Education Information Consultation Co., Ltd.
	Seal: (Public Seal) /s/ Beijing Yiqi Education Information Consultation Co., Ltd.
	
	By:  /s/ Chang
Liu                                         
   
	Authorized Representative: Chang Liu
	
	Chang Liu
	
	By:  /s/ Chang
Liu                                    
	
	Zhan Xie
	
	By:  /s/ Zhan
Xie                                        

 EXCLUSIVE CALL OPTION AGREEMENT 

 
 Annex 1 

Equity Transfer Agreement 
 This Equity
Transfer Agreement (the “Agreement”) is entered into by and between at Beijing, PRC: 
 Transferor: [    ] 

And 
 Transferee: [    ] 

The parties agree as below regarding the equity transfer: 
  

	 	1.	 The Transferor agrees to transfer to the Transferee, and the Transferee agrees to accept, all of the equity of
Beijing Yiqi Education Information Consultation Co., Ltd. (the “Company”) the Transferor holds (the corresponding registered capital of CNY
                    0,000.00, making up         % of the Company’s total registered
capital). 

  

	 	2.	 After completion of the said equity transfer, the Transferor shall discontinue to have or assume corresponding
shareholder’s rights or obligations regarding the transferred equity. The Transferee shall have and assume corresponding shareholder’s rights or obligations of the Company. 

 

	 	3.	 The parties may enter into a supplementary agreement regarding any unmentioned matters herein.

  

	 	4.	 This Agreement shall enter into force as of the date of being signed by the parties. 

 

	 	5.	 This Agreement is made in four (4) copies, one (1) for each party and the remaining for handling
industrial and commercial registration of change. 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	
	Transferor:
	
	[    ]
	
	By:
                                         
                   
	
	Date:
	
	Transferee:
	[    ]
	
	By:
                                         
                   
	
	Date:

 EXCLUSIVE CALL OPTION AGREEMENT 

 
 Annex 2 

Assets Transfer Agreement 
 This Assets
Transfer Agreement (the “Agreement”) is entered into by and between at Beijing, PRC: 
 Transferor: Beijing Yiqi Education Information
Consultation Co., Ltd. 
 And 
 Transferee:
[    ] 
 The parties agree as below regarding the assets transfer: 

 

	 	1.	 The Transferor agrees to transfer to the Transferee, and the Transferee agrees to accept, the assets the
Transferor holds and listed in the Assets List attached hereto. 

  

	 	2.	 After completion of the said assets transfer, the Transferor shall discontinue to have or assume corresponding
rights or obligations regarding the transferred assets. The Transferor shall have or assume corresponding rights or obligations regarding such assets. 

  

	 	3.	 The parties may enter into a supplementary agreement regarding any unmentioned matters herein.

  

	 	4.	 This Agreement shall enter into force as of the date of being signed by the parties. 

 

	 	5.	 This Agreement is made in four (4) copies, one (1) for each party and the remaining for handling
industrial and commercial registration of change. 

 EXCLUSIVE CALL OPTION AGREEMENT 

 

	
	Transferor:
	
	Beijing Yiqi Education Information Consultation Co., Ltd.
	
	[Seal]
	
	By:
                                         
                   
	
	Date:
	
	Transferee:
	
	[    ]
	
	By:
                                         
                   
	
	Date:

 Annex: Assets List

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