Document:

Exhibit 4.11
Business Operation Agreement
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This Business Operation Agreement (hereinafter referred to as this “Agreement”), is entered into by and among the following parties (hereinafter referred to as the “Parties”) on April 21, 2021 in Beijing, the People’s Republic of China (hereinafter referred to as the “PRC” or “China”, and for the purpose of this Agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan):
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	(1)
	Beijing Co Wheels Technology Co., Ltd. (hereinafter referred to as “Party A”)

Address: Room 701, F/7, No.3 Building, No.10 Yard, Wangjing Street, Chaoyang District, Beijing;
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	(2)
	Beijing Xindian Transport Information Technology Co., Ltd.(hereinafter referred to as “Party B”)

Address: Room 101, Building 1, No. 4 Yard, Hengxing Road, Gaoliying Town, Shunyi District, Beijing (Science and Technology Innovation Functional Zone); and
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	(3)
	the individuals are listed in Schedule 2, hereinafter collectively referred to as “Party C”.

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WHEREAS:
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	1.
	The Parties have entered into an Business Operation Agreement (hereinafter referred to as the "Original Business Operation Agreement") on April 2, 2019;

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	2.
	Party A is a wholly foreign-owned enterprise duly incorporated and validly existing in PRC;

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	3.
	Party B is a limited liability company established and registered in China.

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	4.
	 Party A and Party B have established business relationships through the signing of such agreements as the Exclusive Consultation and Service Agreement; and Party B shall pay various amounts to Party A under such agreements, and therefore, the daily operation activities of Party B shall have a material effect on its ability to pay the corresponding amounts to Party A; and

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	5.
	The parties of Party C are the shareholders of Party B (the “Shareholders”), with LI Xiang holding 74% of the equity interest (corresponding to RMB 740,000 of the registered capital of Party B), FAN Zheng holding 12.92% of the equity interest (corresponding to RMB 129,200 of the registered capital of Party B), SHEN Yanan holding 3.78% of the equity interest (corresponding to RMB 37,800 of the registered capital of Party B), LI Tie holding 3.46% of the equity interest (corresponding to RMB 34,600 of the registered capital of Party B), QIN Zhi holding 1.89% of the equity interest (corresponding to RMB 18,900 of the registered capital of Party B), LIU Qinghua holding 1.09% of the equity interest (corresponding to RMB 10,900 of the registered capital of Party B), WEI Wei holding 0.46% of the equity interest (corresponding to RMB 4,600 of the registered capital of Party B), SONG Gang holding 0.43% of the equity interest (corresponding to RMB 4,300 of the registered capital of Party B), YE Qian holding 0.02% of the equity interest (corresponding to RMB 200 of the registered capital of Party B), and XU Bo holding 1.95% of the equity interest (corresponding to RMB 19,500 of the registered capital of Party B).

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Therefore, the Parties have, through friendly consultations and based on the principles of equality and mutual benefits, reached the following agreement for compliance:
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	1.
	 Not to Act Obligation

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In order to ensure Party B’s performance of the agreements signed with Party A and of the obligations undertaken to Party A, the Shareholders hereby acknowledge and agree that, without the prior written consent obtained from Party A or any other party designated by Party A, Party B shall not engage in any transaction which may have a material effect on its assets, business, personnel, obligations, rights or company operations, including but not limited to the followings:
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		1.1
	 carry out any activities other than in the ordinary course of business of the Company or operate the business of the company in a manner inconsistent with or unusual to its practice;

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		1.2
	make any borrowing from any third party or undertake any liabilities;

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		1.3
	change or remove any director of the company or replace any senior managerial personnel of the company;

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		1.4
	sell to any third party or obtain or otherwise dispose of any assets or rights (including but not limited to any intellectual property rights) of an amount exceeding RMB 200,000;

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		1.5
	provide guarantee to any third party with its assets or intellectual property rights or provide any other forms of guarantee or create any other encumbrances on the assets of the company;

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		1.6
	amend the articles of association of the company or change the business scope of the company;

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		1.7
	modify the ordinary business of the company or make any material change to the internal rules of the company;

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		1.8
	transfer the rights and obligations under this Agreement to any third party;

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		1.9
	make any material adjustments to business model, marketing strategy, operation or client relationship;

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		1.10
	distribute dividend in any form;

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		1.11
	make or result in any acquisitions, sale of control right or assets, merger, consolidation, joint venture or partnership arrangements or incorporate any subsidiary or pass any resolution relating to reduction of registered capital, dissolution or liquidation;

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		1.12
	effect a recapitalization, reclassification, split-off, spin-off or bankruptcy;

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		1.13
	engage or enter into any transaction or agreement with any affiliates, shareholders or other related parties;

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		1.14
	incur any indebtedness or assume any financial obligation or issue, assume, guarantee or create any liability in excess of US$250,000 in aggregate at any time unless such liability is incurred pursuant to the then current business plan;

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		1.15
	appoint, terminate or determine the compensation of the chairman, chief executive office, president, chief operating officer, chief financial officer, chief technical officer or any senior manager (vice president-level or above);

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		1.16
	approve or amend any quarterly and annual budget, business plan and operating plan (including any capital expenditure plan, operating plan and financing plan); such approval shall be required before Party B and any of its subsidiaries can continue operations at the beginning of each quarter;

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		1.17
	make any expenditure or other purchase of tangible or intangible assets in excess of US$250,000 in aggregate over any twelve (12) months unless such expenditure is made pursuant to the then current business plan;

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		1.18
	enter into any material agreement or contract with any party or group of related parties under which Party B or any of its subsidiaries’ aggregate commitments, guarantee or obligations to such party or group of related parties are unlimited or potentially exceed US$250,000 over any twelve (12) months or in the aggregate;

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		1.19
	acquire, purchase or lease any automobile with a value greater than US$250,000 or any real estate, whether or not accounted for as a capital expenditure;

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		1.20
	approve, amend or administer any employee stock option plan; and

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		1.21
	change materially the accounting methods or policies or appoint or change the auditors.

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	2.
	Operating Management and Personnel Arrangement

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		2.1
	Party B and the Shareholders hereby agree to accept suggestions made by Party A from time to time with respect to recruitment and termination of employees of the company, daily operation and management of the company, financial management systems of the company etc., and shall strictly execute.

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		2.2
	Party B and the Shareholders hereby agree to elect the candidates designated by Party A to serve as directors of Party B in accordance with the procedures specified under the laws, regulations and articles of association of the company, and to procure the directors so elected to elect the candidate recommended by Party A to serve as the Chairman of the Board of Directors of the company, and to appoint the personnel designated by Party A to serve as the Manager, Finance Director and other senior managerial personnel of Party B.

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		2.3
	If the above-mentioned Party A designated directors or senior managerial personnel leave Party A, no matter they have resigned on a voluntary basis or have been terminated by Party A, they shall at the same time lose the qualifications to hold any position in Party B. In such a case, the Shareholders shall immediately terminate such persons from the positions they have held in Party B and shall immediately elect and engage other persons designated by Party A to hold such positions.

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		2.4
	For the purpose of Article 2.3 above, the Shareholders shall take all necessary internal corporate procedures and external procedures in accordance with the provisions of the laws, the articles of association of the company and this Agreement to complete the above-mentioned termination and recruitment procedures.

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		2.5
	The Shareholders hereby agree to sign, at the time of executing this Agreement, the power of attorney in the form and substance set out in Schedule 1, pursuant to which the Shareholders shall irrevocably authorize the persons designated by Party A to exercise their shareholders’ rights on their behalf and to exercise all shareholders’ voting rights to which the Shareholders are entitled in the name of the Shareholders at the shareholders’ meetings of Party B. The Shareholders further agree that they will replace the designated authorized persons in the above-mentioned power of attorney at any time at the request of Party A. If the Shareholders believe that the action to be taken by the persons designated by Party A violates the mandatory provisions of the relevant laws and regulations (“Objected Action”) after the Shareholders have delegated their shareholders’ rights to the persons designated by Party A in accordance with the provisions of this Agreement, the Shareholders shall be entitled to request Party A to jointly appoint a law firm to issue an independent legal opinion on the following aspects relating to the Objected Action: (1) whether the Objected Action violates the mandatory provisions of the relevant laws and regulations; (2) whether the Shareholders will be subject to the related criminal liabilities if such Objected Action is implemented. If the independent legal opinion of the law firm states that the Objected Action violates the mandatory provisions of the laws and regulations and the Shareholders will be subject to certain criminal liability as a result therefrom, then the persons designated by Party A may not execute such Objected Action, and Party A shall also be obliged to prevent the persons designated by Party A from executing such Objected Action. If the persons designated by Party A violate this provision, Party A needs to re-designate persons as the authorized persons or entrusted persons in the power of attorney in Schedule 1 at the request of the Shareholders.

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	3.
	Other Agreements

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		3.1
	In the event of termination or expiration of any agreement entered into between Party A and Party B, Party A shall be entitled to decide whether or not to terminate all agreements between Party A and Party B, including but not limited to the Exclusive Consultation and Service Agreement.

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		3.2
	In view of the business relationship established between Party A and Party B through the signing of agreements such as the Exclusive Consultation and Service Agreement, Party B’s daily operational activities shall have a material effect on its ability to pay the corresponding

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amounts to Party A. The Shareholders agree that, any dividend, dividend distribution or any other income or interests (regardless of the specific form) received by them from Party B in the capacity of Party B’s shareholders, the income and interests shall be unconditionally paid to Party A or transferred to Party A without compensation upon realization, and the Shareholders shall provide all documents or take all actions necessary to effect such payment or transfer in accordance with the request of Party A.
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	4.
	Entire Agreement and Amendments

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		4.1
	This Agreement and all agreements and/or documents referred to in this Agreement or explicitly incorporated in this Agreement shall constitute entire agreement of the Parties on the subject matter of this Agreement and shall supersede all previous oral and written agreements, contracts, understandings and communications of the Parties on the subject matter of this Agreement.

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		4.2
	Any amendment to this Agreement shall be valid only if a written agreement is signed by the Parties. Any amendment to this Agreement and supplemental agreement relating to this Agreement duly signed by the Parties shall form part of this Agreement and shall have the same legal effect of this Agreement.

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		4.3
	If there is any change in the equity in Party B held by Party C at any time after the signing of this Agreement, the Parties agree to amend and restate this Agreement so that Party A’s rights hereunder shall not be negatively affected in any respect.

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	5.
	Governing Law

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The conclusion, effectiveness, performance and interpretation of this Agreement and the resolution of disputes shall be governed by and construed in accordance with the PRC law.
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	6.
	Dispute Resolution

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6.1In case of any dispute arising between the Parties hereto with respect to the interpretation and performance of the terms hereunder, the Parties shall settle such dispute in good faith through consultations. In case no settlement can be reached through consultations, any Party may submit such dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its Arbitration Rules then in effect. The place of arbitration shall be Beijing and the language to be used in the arbitration shall be Chinese. The arbitration award shall be final and binding on the Parties. Where appropriate, the arbitration tribunal or arbitrator may, in accordance with the dispute resolution provisions and / or applicable PRC laws, award compensation, compulsory relief (including but not limited to for the purpose of business operation or compulsory transfer of assets) or propose the liquidation of Party B and its subsidiaries in respect of the equity, assets, property rights or land assets of Party B and its subsidiaries. In addition, during the arbitration or under appropriate circumstances, at the request of either Party, the court with jurisdiction (including the PRC courts) has the right to grant interim injunctive or other interim relief to support the arbitration. In addition to the PRC courts, the courts of Hong Kong, the Cayman Islands and the courts of the place where the major assets of Party B and / or its subsidiaries are located shall also be deemed to have jurisdiction for the above purposes.
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		6.2
	Except for the matters in dispute, the Parties shall continue to perform their respective obligations in accordance with the provisions hereof based on the principle of good faith.

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	7.
	Notification

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		7.1
	Any notice sent by the Parties hereto for the performance of the rights and obligations hereunder shall be made in writing and sent by personal delivery, registered post, pre-paid post, recognized courier service or facsimile to the following addresses of relevant Party or Parties.

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Party A: Beijing Co Wheels Technology Co., Ltd.
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Address: ****
Tel: ****
Attn: ****
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Party B: Beijing Xindian Transport Information Technology Co., Ltd.
Address: ****
Tel: ****
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Party C:
LI Xiang
Address: ****
Tel: ****
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FAN Zheng
Address: ****
Tel: ****
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SHEN Yanan
Address: ****
Tel: ****
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LI Tie
Address: ****
Tel: ****
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QIN Zhi
Address: ****
Tel: ****
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LIU Qinghua
Address: ****
Tel: ****
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WEI Wei
Address: ****
Tel: ****
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SONG Gang
Address: ****
Tel: ****
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YE Qian
Address: ****
Tel: ****
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XU Bo
Address: ****
Tel: ****
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	8.
	Effectiveness, Term and Miscellaneous

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		8.1
	The written consent, suggestions, designations of Party A referred to in this Agreement and other decisions of Party A which have a material effect on Party B’s daily operations shall be made by the Board of Directors of Party A.

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		8.2
	This Agreement is signed by the Parties and shall become effective on the date first set forth above. Meanwhile this Agreement shall replace the Original Business Operation Agreement. Unless this Agreement is terminated early by Party A, the valid term of the Agreement shall be ten years, commencing from the date on which the Agreement becomes effective. If Party A so requests before the expiration of the Agreement, the Parties shall extend the term of the

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Agreement based on Party A’s request and shall, in accordance with the request of Party A, sign a separate business operation agreement or continue to perform this Agreement.
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		8.3
	Party B and the Shareholders may not terminate this Agreement early during the valid term of this Agreement. Party A may at any time terminate this Agreement by giving Party B and the Shareholders 30 days’ prior written notice.

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		8.4
	The Parties hereby acknowledge that this Agreement is a fair and reasonable agreement reached by the Parties on the basis of equality and mutual benefits. If any term and provision of this Agreement is deemed illegal or unenforceable due to applicable laws, such term shall be deemed to have been deleted from this Agreement and shall cease to have any effect, and shall be considered as not having included in this Agreement from the beginning. However, other terms of this Agreement shall continue to be in effect. The Parties shall hold mutual consultation so that the term which is deemed to have been deleted is replaced with a legal and valid term acceptable to the Parties.

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		8.5
	Failure to exercise any right, power or privilege hereunder by any Party shall not be treated as a waiver by it. Any single or partial exercise of any right, power or privilege shall not preclude the exercise of any other rights, powers or privileges.

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		8.6
	This Agreement is made in twelve (12) copies.

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IN WITNESS WHEREOF the Parties have caused this Agreement to be executed by their respective authorized representatives on the date first above written.
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[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
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[Signature Page, No Text Below]
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	Party A: Beijing Co Wheels Technology Co., Ltd.

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	Authorized Representative: 
	/s/LI Xiang
	​

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	(Company chop: /s/ Beijing Co Wheels Technology Co., Ltd.)

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[Signature Page, No Text Below]
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	Party B: Beijing Xindian Transport Information Technology Co., Ltd.

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	Authorized Representative:
	/s/LI Xiang
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	(Company chop: /s/Beijing Xindian Transport Information Technology Co., Ltd.)

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[Signature Page, No Text Below]
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	Party C:
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	/s/LI Xiang
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	/s/FAN Zheng
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	/s/SHEN Yanan
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	/s/LI Tie
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	/s/XU Bo
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	/s/QIN Zhi
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	/s/LIU Qinghua
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	/s/WEI Wei
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	/s/SONG Gang
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	/s/YE Qian
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Schedule 1: Power of Attorney
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Schedule 2: List of Party C
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	No.
	    
	Shareholder(s)
	    
	ID Card Number
	   
	Equity Proportion

	1
	 
	Li Xiang
	 
	###############
	 
	74.00%

	2
	 
	Fan Zheng
	 
	###############
	 
	12.92%

	3
	 
	Shen Yanan
	 
	###############
	 
	3.78%

	4
	 
	Li Tie
	 
	###############
	 
	3.46%

	5
	 
	Qin Zhi
	 
	###############
	 
	1.89%

	6
	 
	Liu Qinghua
	 
	###############
	 
	1.09%

	7
	 
	Wei Wei
	 
	###############
	 
	0.46%

	8
	 
	Song Gang
	 
	###############
	 
	0.43%

	9
	 
	Ye Qian
	 
	###############
	 
	0.02%

	10
	 
	Xu Bo
	 
	###############
	 
	1.95%

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11Exhibit 4.12
Equity Pledge Agreement
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This Equity Pledge Agreement (this “Agreement”) is made on April 21, 2021 in Beijing, the People’s Republic of China (hereinafter referred to as the “PRC” or “China”, and for the purpose of this Agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan) by and among the following parties (the “Parties”):
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Beijing Co Wheels Technology Co., Ltd. (hereinafter referred to as “Party A”)
Address: Room 103, Building 1, No. 4 Yard, Hengxing Road, Gaoliying Town, Shunyi District, Beijing (Science and Technology Innovation Functional Zone)
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Please refer to the name list attached hereto as Attachment. (hereinafter referred to as “Party B”)
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WHEREAS:
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	1.
	The Parties have entered into an Equity Pledge Agreement (hereinafter referred to as the "Original Equity Pledge Agreement") on April 2, 2019;

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	2.
	Party A is a wholly foreign owned enterprise duly established and validly existing in PRC;

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	3.
	Beijing Xindian Transport Information Technology Co., Ltd. (“Xindian Information”) is a limited liability company established in PRC;

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	4.
	The parties of Party B are the shareholders of Xindian Information (the “Pledgors”) with LI Xiang holding 74% of the equity interest (corresponding to RMB 740,000 Yuan of the registered capital of Xindian Information), FAN Zheng holding 12.92% of the equity interest (corresponding to RMB 129,200 Yuan of the registered capital of Xindian Information), SHEN Yanan holding 3.78% of the equity interest (corresponding to RMB 37,800 Yuan of the registered capital of Xindian Information), LI Tie holding 3.46% of the equity interest (corresponding to RMB 34,600 Yuan of the registered capital of Xindian Information), QIN Zhi holding 1.89% of the equity interest (corresponding to RMB 18,900 Yuan of the registered capital of Xindian Information), LIU Qinghua holding 1.09% of the equity interest (corresponding to RMB 10,900 Yuan of the registered capital of Xindian Information), WEI Wei holding 0.46% of the equity interest (corresponding to RMB 4,600 Yuan of the registered capital of Xindian Information), SONG Gang holding 0.43% of the equity interest (corresponding to RMB 4,300 Yuan of the registered capital of Xindian Information), YE Qian holding 0.02% of the equity interest (corresponding to RMB 200 Yuan of the registered capital of Xindian Information), and XU Bo holding 1.95% of the equity interest (corresponding to RMB 19,500 Yuan of the registered capital of Xindian Information);

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	5.
	Party A and Xindian Information have entered into the Exclusive Consultation and Service Agreement on April 21th, 2021 (“Exclusive Consultation and Service Agreement”); Party A, the parties of Party B and Xindian Information have entered into the Equity Option Agreement (“Equity Option Agreement”) and the Business Operation Agreement on April 21th, 2021 (“Business Operation Agreement”); each party of Party B and Party A have entered into the Power of Attorney on April 21th, 2021 (“Power of Attorney”), respectively;

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	6.
	In order to secure the due collection by Party A of the service fees under the Exclusive Consultation and Service Agreement from Xindian Information which is owned by Party B and to secure the performance of the Equity Option Agreement, the Business Operation Agreement and Power of Attorney, the Pledgors pledge, on a joint and several basis, all of the equity interest in Xindian Information held by them as collateral for the above agreements with Party A as the Pledgee.

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Therefore, the Parties have, through friendly consultations and based on the principles of equality and mutual benefits, reached the following agreement for compliance:
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	1.
	Definition

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Unless otherwise specified hereunder, the following terms shall be interpreted in accordance with the definitions below:
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Pledge: means all the contents set out in Article 2 hereof.
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Equity Interest: means the100% equity interest in Xindian Information legally held by the Pledgors on a joint basis and all current and future shareholders’ rights and interests derived from such equity interest.
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Agreements: means the Exclusive Consultation and Service Agreement, the Equity Option Agreement, the Business Operation Agreement, Power of Attorney and this Agreement, each as amended supplement and restated from time to time.
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Event of Default: means any of the circumstances set out in Article 7 hereof.
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Default Notice: means notice issued by Party A pursuant to this Agreement declaring an Event of Default.
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Obligations: means any obligation the Pledgors and Xindian Information shall perform under the Agreements (if involve).
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	2.
	Pledge

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		2.1
	The Pledgors pledge all Equity Interest in Xindian Information held by them to Party A as collateral for the rights and interests of Party A under the Agreements.

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		2.2
	The scope secured by the equity pledge hereunder shall be Obligations, all fees (including legal fees) and expenses payable to Party A by Xindian Information and/or the Pledgors and losses, interest, liquidated damages, damages and costs for realization of claims which shall be borne by Xindian Information and/or the Pledgors under the Agreements and the liabilities of Xindian Information and the Pledgors to Party A in case of whole or partial invalidation of the Agreements due to any reason.

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		2.3
	The Pledge hereunder shall mean the priority right of payment enjoyed by Party A from amounts derived from converting the Equity Interest pledged to Party A by the Pledgors into cash or from the auction or sale of the Equity Interest pledged to Party A by the Pledgors.

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		2.4
	Unless expressly agreed otherwise by Party A in writing after the effectiveness of this Agreement, the pledge hereunder may be discharged only after Xindian Information and the Pledgors have duly performed all of their obligations and liabilities under the Agreements and after written confirmation by Party A. If Xindian Information or the Pledgors fail to fully perform all or part of their obligations or liabilities under the Agreements on the expiration of the term set out in the Agreements, Party A shall still be entitled to the Pledge set out hereunder until the relevant obligations and liabilities referred to above have been fully performed to the reasonable satisfaction of Party A.

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		2.5
	In the event that the Xindian Information is dissolved or liquidated in accordance with the mandatory requirements of the PRC law, as per the pledgee’s request, any benefits or interests distributed by the Xindian Information to the Pledgor after the dissolution or liquidation proceedings shall (1) be deposited into the bank account designated by the pledgee and shall be supervised by the pledgee to settle the secured debts first; or (2) be granted to the pledgee subject to compliance with the PRC law.

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	3.
	Effectiveness

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		3.1
	This Pledge Agreement shall be effective on the date on which it is signed by the Parties or affixed with the chops of the Parties, and the pledge become effective on the date on which the pledge of the Equity Interest is registered with competent administration for industry and commerce (“AIC”) of Xindian Information. The Pledgor shall (1) register the pledge provided in this Agreement on the registry of members of the Xindian Information within 3 working days after the execution of this Agreement, and (2) submit

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2

to the relevant AIC the application for registration of the pledge provided in this Agreement within 30 days after the execution of this Agreement or any other timeline agreed by the Parties. Each Party agrees that for the purpose of completing the pledge registration with the relevant AIC, each Party together with any other shareholder of the Xindian Information shall submit to the relevant AIC this Agreement or any share pledge contract that is signed in accordance with the requirements of the relevant AIC but reflects the pledge information provided in this Agreement (“AIC Share Pledge Contract”). If there is anything not provided in the AIC Share Pledge Contract, each Party agrees to refer to this Agreement. The Pledgor and the Xindian Information shall submit all the necessary documents and complete all the necessary procedures in accordance with the PRC laws and the relevant AIC’s requirements to ensure the pledge is registered as soon as the application is submitted.
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		3.2
	During the pledge, if Xindian Information fails to pay the service fee in accordance with the Exclusive Consultation and Service Agreement or fails to perform other terms thereunder or any of the terms under the Business Operation Agreement or Equity Option Agreement, Party A shall be entitled to exercise the Pledge in accordance with the provisions hereof upon reasonable notice.

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	4.
	Possession and Custody of Pledge Certificate

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		4.1
	The Pledgors shall, within 10 working days from the date of the signature of this Agreement or at any earlier time mutually agreed by the Parties, deliver the original Investment Certificates for the Equity Interest in Xindian Information held by them to Party A for custody, provide Party A with the certificates showing that the Pledge hereunder has been duly registered in the register of shareholders, complete all of the approval and registration formalities required by the laws and regulations of the People’s Republic of China, and provide the evidential documents certifying that registration of the Equity Interest Pledge with the industrial and commercial registration authorities has been completed.

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		4.2
	If change of registration is required by law due to any change to the registration items of the Pledge, Party A and Party B shall complete the relevant change of registration and provide relevant change of registration documents within five working days from the date of change of the registration items.

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		4.3
	During the period the Equity Interest is pledged, the Pledgors shall instruct Xindian Information not to distribute any dividends or adopt any profit distribution plan. If any economic benefits of any nature in respect of the Equity Interest pledged other than dividends or other profit distribution plan due to the Pledgors, the Pledgors shall, at the request of Party A, instruct Xindian Information to remit the relevant amounts (after being converted into cash) into the bank account designated by Party A and without the prior written consent of Party A, the Pledgors may not use such funds.

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		4.4
	During the period the Equity Interest is pledged, if the Pledgors subscribe the newly increased registered capital of Xindian Information or acquire the equity interest in Xindian Information held by other Pledgors (the “Newly Increased Equity”), such Newly Increased Equity shall automatically become the Equity Interest pledged hereunder and the Pledgors shall complete the various formalities required to create pledge over such Newly Increased Equity within 10 working days from the acquisition of the Newly Increased Equity by the Pledgors. If the Pledgors fail to complete relevant formalities in accordance with the above provisions, Party A may immediately exercise the Pledge in accordance with the provisions of Article 8.

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	5.
	Representations and Warranties of the Pledgors

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The Pledgors make the following representations and warranties to Party A at the time of the signature of this Agreement and acknowledge that Party A enters into and performs this Agreement in reliance of such representations and warranties:
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		5.1
	The Pledgors legally hold the Equity Interest hereunder and have the right to pledge such Equity Interest to Party A as collateral.

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		5.2
	At any time from the signing date of this Agreement to the period during which Party A is entitled to the Pledge in accordance with the provisions of Article 2.4 hereof, there shall not be any legal claim or due interference from any other party in the event that Party A exercises its rights or enforces the Pledge in accordance with this Pledge Agreement.

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		5.3
	Party A may exercise the Pledge in the methods provided by the laws, regulations and this Agreement.

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		5.4
	They have obtained all necessary corporate authorizations to enter into this Agreement and to perform their obligations hereunder and the signing of this Agreement and performance of their obligations hereunder shall not violate the provisions of any applicable laws and regulations and the authorized signatories hereof have been legally and validly authorized.

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		5.5
	There is no other encumbrance on or any form of third party security interest (including but not limited to pledge) over the Equity Interest held by the Pledgors.

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		5.6
	There is no pending civil, administrative or criminal litigation, administrative penalty or arbitration in respect of the Equity Interest and there is no civil, administrative or criminal litigation, administrative penalty or arbitration in respect of the Equity Interest that is to occur.

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		5.7
	There is no tax or charge in relation to the Equity Interest which is payable but not paid or any legal procedure or formality in relation to the Equity Interest which shall be completed but not completed.

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		5.8
	The terms hereunder are the expression of their true intent and are legally binding on them.

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	6.
	Undertakings of the Pledgors

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		6.1
	During the existence of this Agreement, the Pledgors undertake to Party A that the Pledgors shall:

​
		6.1.1
	without the prior written consent of Party A, not transfer the Equity Interest or create or permit the existence of any other encumbrance or any form of third party security interest, such as pledge etc., which may affect the rights and interests of Party A, except for the transfer of the Equity Interest to Party A or its designated person at the request of Party A;

​
		6.1.2
	comply with and implement the provisions of all relevant applicable laws and regulations, and upon the receipt of any notice, instruction or recommendation issued or formulated by the relevant authorities in respect of the Pledge, show such notice, instruction or recommendation to Party A within five working days and shall act in accordance with the reasonable instructions of Party A;

​
		6.1.3
	promptly notify Party A of any event or notice received which may affect the Equity Interest of the Pledgors or the rights in respect of any portion of the Equity Interest and any event or relevant notice received which may change any of the Pledgors’ obligations herein or affect the performance of the obligations herein by the Pledgors, and shall act in accordance with the reasonable instructions of Party A.

​
		6.2
	The Pledgors agree that the exercise by Party A of its rights in accordance with the terms of this Agreement shall not be interrupted or interfered by the Pledgors or their

​

4

successors or assignees or any other person.
​
		6.3
	The Pledgors warrant to Party A that, in order to protect or improve the collateral under this Agreement for the obligations of the Pledgors and/or Xindian Information under the Agreements, the Pledgors shall make all necessary amendments (if applicable) to their respective articles of association and the articles of association of Xindian Information, faithfully execute and procure other parties who have an interest in the Pledge to execute all certificates of rights and deeds required by Party A and/or perform and procure other parties who have an interests in the Pledge to take all actions required by Party A, and facilitate the exercise of the Pledge by Party A, sign all modification documents in relation to the equity certificates with Party A and any third party designated by Party A and provide Party A with all documents in respect of the Pledge which they deem necessary within a reasonable period.

​
		6.4
	The Pledgors warrants to Party A that, for the benefits of Party A, the Pledgors shall comply with and perform all of the warranties, undertakings, covenants and representations. If the Pledgors fail to perform or to fully perform their warranties, undertakings, covenants and representations, the Pledgors shall compensate Party A for all the losses sustained by Party A as a result thereof.

​
	7.
	Event of Default

​
		7.1
	The following events shall all be deemed as Events of Default:

​
		7.1.1
	Pledgors and/or Xindian Information fail to perform their obligations under the Agreements;

​
7.1.2Any of the representations, warranties or undertakings made by the Pledgors in Articles 5 and 6 hereof is materially misleading or erroneous, and/or the Pledgors breach the representations, warranties or undertakings in Articles 5 and 6 hereof;
​
		7.1.3
	The Pledgors materially breach any term of this Agreement;

​
		7.1.4
	Except as provided in Article 6.1.1 hereof, the Plegors relinquish the Equity Interest pledged or transfer the Equity Interest pledged without the written consent of Party A;

​
		7.1.5
	Any of the Pledgors’ own external borrowings, securities, compensations, undertakings or other payment liabilities is required to be paid or performed before schedule due to breach or is due but cannot be repaid or performed on schedule, and as a result, Party A has reason to believe that the ability of the Pledgors to perform the obligations hereunder has been affected, and accordingly affecting the interest of Party A;

​
		7.1.6
	The Pledgors is unable to pay normal debts or other indebtednesses, and accordingly affecting the interests of Party A;

​
		7.1.7
	This Agreement becomes illegal or the Pledgors cannot continue to perform the obligations hereunder due to the promulgation of relevant law;

​
		7.1.8
	The consent, permit, approval or authorization of any governmental department necessary for the enforceability, legality or effectiveness is revoked, suspended, expired or materially changed;

​
		7.1.9
	Party A believes that the ability of the Pledgors to perform the obligations hereunder has been affected due to any adverse change to the properties owned by the Pledgors;

​
		7.1.10
	Other circumstances under which Party A cannot dispose of the Pledge

​

5

according to the provisions of the relevant law.
​
		7.2
	If the Pledgors are or become aware of any of the events referred to in the Article 7.1 above or of any event which may lead to the occurrence of the above-mentioned events, they shall promptly notify Party A in writing.

​
		7.3
	Unless the Events of Default set out in clause 7.1 of this Article have been satisfactorily resolved in a way satisfactory to Party A, Party A may, at any time at or after the occurrence of an Event of Default on the part of the Pledgors, send a written Default Notice to the Pledgors requesting them to promptly pay the amounts owed and other amounts payable under the Agreements or to perform Agreements on a timely basis. If the Pledgors or Xindian Information fails to timely cure the breach or take necessary remedies within 10 days from the date on which such written notice is sent, Party A may exercise the Pledge in accordance with the provisions of Article 8 hereof.

​
	8.
	Exercise of Pledge

​
		8.1
	Without the written consent of Party A, the Pledgors may not transfer the Equity Interest before the fees and obligations under the Agreements have been fully performed.

​
		8.2
	When exercising the Pledge, Party A shall send Default Notice to the Pledgors in accordance with the provisions of Article 7.3 hereof.

​
		8.3
	Subject to the provisions of Article 7.3, Party A may exercise the Pledge at any time after sending the Default Notice in accordance with Article 7.3.

​
		8.4
	Party A shall have the priority right of payment from the amounts derived from converting all or part of the Equity Interest hereunder into cash pursuant to legal procedures or from the auction or sale of such Equity Interest until the service fees owed and all other amounts payable under the Agreements have been fully satisfied and the Agreements have been fully performed.

​
		8.5
	When Party A exercises the Pledge according to this Agreement, the Pledgors may not set obstacles and shall provide necessary assistance in order for Party A to enforce the Pledge.

​
	9.
	Assignment

​
		9.1
	Unless with express prior written consent of Party A, the Pledgors may not assign any of their rights and/or obligations hereunder to any third party.

​
		9.2
	This Agreement shall be binding on the Pledgors and their successors and shall be effective to Party A and its successors or assignees.

​
		9.3
	Party A may at any time assign all or any of its rights and obligations under the Agreements to any third party designated by it. In such a case, the assignee shall enjoy the rights to which Party A entitled hereunder and undertake the obligations undertaken by Party A hereunder. When Party A assigns the rights and obligations under the Agreements, the Pledgors shall sign relevant agreements and/or documents for such assignment at the request of Party A.

​
		9.4
	After the change of the Pledgee and/or Pledgor as a result of any assignment, the parties to the new pledge shall amend this Pledge Agreement or sign a new pledge agreement and the Pledgors shall be responsible for the completion of all relevant registration formalities.

​
	10.
	Handling Fee and Other Expenses

​
		10.1
	All fees and out-of-pocket expenses related to this Agreement, including but not limited to legal fees, printing cost, stamp tax and any other taxes and expenses etc., shall be

​

6

borne equally by Party A and Party B.
​
	11.
	Force Majeure

​
		11.1
	When the performance of this Agreement is delayed or prevented due to any Force Majeure Event, the party affected by the Force Majeure does not need to undertake any liability under this Agreement to the extent of being delayed or prevented. Force Majeure Event shall mean any event which is beyond the reasonable control of a party and which is unavoidable even with reasonable care of the affected party, including but not limited to government act, force of nature, fire, explosion, geographic change, storm, flood, earthquake, tide, lightning or war. However, deficiency of credit, fund or financing may not be deemed as an event beyond the reasonable control of a party. The party who is affected by the Force Majeure Event and seeks exemption from the obligation of performance under this Agreement or any term hereof shall notify the other party of such exemption event as soon as possible and inform the other party of the steps to be taken to complete the performance.

​
		11.2
	The party affected by the Force Majeure does not need to undertake any liability hereunder. However, the party seeking exemption may only be exempted from the obligation to perform on the condition that the affected party has made feasible endeavors to perform this Agreement and only to the extent of performance being delayed or prevented. As soon as the reason for such exemption is cured or remedied, the Parties agree to make their best endeavors to resume the performance under this Agreement.

​
	12.
	Governing Law and Dispute Resolution

​
		12.1
	The execution, validity, performance and interpretation of this Agreement and the resolution of disputes shall be governed by and construed in accordance with the laws of the People’s Republic of China.

​
		12.2
	In case of any dispute arising between the Parties hereto with respect to the interpretation and performance of the terms hereunder, the Parties shall settle such dispute in good faith through consultations. In case no settlement can be reached through consultations, either party may submit such dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its Arbitration Rules then in effect. The place of arbitration shall be Beijing and the language to be used in the arbitration shall be Chinese. The arbitration award shall be final and binding on the parties.

​
		12.3
	Except for those matters in dispute, the Parties shall continue to perform their respective obligations in accordance with the provisions hereof based on the principle of good faith. Where appropriate, the arbitration tribunal or arbitrator may, in accordance with the dispute resolution provisions and / or applicable PRC laws, award compensation, compulsory relief (including but not limited to for the purpose of business operation or compulsory transfer of assets) or propose the liquidation of Xindian Information and its subsidiaries in respect of the equity, assets, property rights or land assets of Xindian Information and its subsidiaries. In addition, during the arbitration or under appropriate circumstances, at the request of either Party, the court with jurisdiction (including the PRC courts) has the right to grant interim injunctive or other interim relief to support the arbitration. In addition to the PRC courts, the courts of Hong Kong, the Cayman Islands and the courts of the place where the major assets of Xindian Information and / or its subsidiaries are located shall also be deemed to have jurisdiction for the above purposes.

​
	13.
	Notice

​
Any notice sent by the Parties hereto for the performance of the rights and obligations hereunder shall be made in writing and sent by personal delivery, registered post, pre-paid post, recognized courier service or facsimile to the following addresses of relevant party or parties.
​
​

7

Party A: Beijing Co Wheels Technology Co., Ltd.
Address: ****
Tel: ****
Attn: ****
​
Party B:
LI Xiang
Address: ****
Tel: ****
​
FAN Zheng
Address: ****
Tel: ****
​
SHEN Yanan
Address: ****
Tel: ****
​
LI Tie
Address: ****
Tel: ****
​
QIN Zhi
Address: ****
Tel: ****
​
LIU Qinghua
Address: ****
Tel: ****
​
WEI Wei
Address: ****
Tel: ****
​
SONG Gang
Address: ****
Tel: ****
​
YE Qian
Address: ****
Tel: ****
​
XU Bo
Address: ****
Tel: ****
​
	14.
	Attachment

​
The attachment listed in this Agreement shall be an integral part hereof.
​
	15.
	Waiver

​
Failure to exercise or delay in exercising any right, remedy, power or privilege hereunder by Party A shall not be deemed as a waiver of such right, remedy, power or privilege. Any single or partial exercise of any right, remedy, power or privilege by Party A shall not preclude Party A from exercising any other rights, remedies, powers or privileges. The rights, remedies, powers and privileges set out hereunder are cumulative and shall not preclude the application of any right, remedy, power and privilege provided under any law.
​
​

8

	16.
	Miscellaneous

​
		16.1
	This Agreement shall replace the Original Equity Pledge Agreement. Any amendment, supplement or change to this Agreement shall be made in writing and may be effective only after it has been signed by the Parties and affixed with the chops of the Parties.

​
		16.2
	The Parties hereby acknowledge that this Agreement is a fair and reasonable agreement reached by the Parties on the basis of equality and mutual benefits. If any provision under this Agreement is invalid or unenforceable for being inconsistent with relevant law, such provision shall be invalid or unenforceable only within the scope governed by the relevant law and the legal validity of the other provisions of this Agreement shall not be affected.

​
		16.3
	This Agreement is written in Chinese and English in eleven originals.  In case of any discrepancy between the two versions, the Chinese version shall prevail.

​
[Signature page follows]
​
​

9

[Signature Page, No Text Below]
	Party A: Beijing Co Wheels Technology Co., Ltd.

	Authorized Representative: 
	/s/LI Xiang
	​

	(Company chop: /s/ Beijing Co Wheels Technology Co., Ltd.)

​
​

10

[Signature Page, No Text Below]
Party B:
	/s/LI Xiang
	​

	/s/FAN Zheng
	​

	/s/SHEN Yanan
	​

	/s/LI Tie
	​

	/s/LIU Qinghua
	​

	/s/WEI Wei
	​

	/s/SONG Gang
	​

	/s/YE Qian
	​

	/s/XU Bo
	​

​
​

11

Attachment: List of Party B
​
	

	

	

	

	

	

	

		    
	Name of 
	    
	Registered Capital in 
	    
	
	No.
	​
	pledgor
	​
	RMB
	​
	Equity Proportion

	1
	 
	LI Xiang
	 
	740,000
	 
	74.00%

	2
	 
	FAN Zheng
	 
	129,200
	 
	12.92%

	3
	 
	SHEN Yanan
	 
	37,800
	 
	3.78%

	4
	 
	LI Tie
	 
	34,600
	 
	3.46%

	5
	 
	QIN Zhi
	 
	18,900
	 
	1.89%

	6
	 
	LIU Qinghua
	 
	10,900
	 
	1.09%

	7
	 
	WEI Wei
	 
	4,600
	 
	0.46%

	8
	 
	SONG Gang
	 
	4,300
	 
	0.43%

	9
	 
	YE Qian
	 
	200
	 
	0.02%

	10
	 
	XU Bo
	 
	19,500
	 
	1.95%

​

12

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